by local realtor Doron Weisbarth of Weisbarth & Associates
The January report for our PhinneyWood real estate market can seem downright confusing: market activity is way up, time on market is way down, yet prices of single family homes (SFH) are down?!
Remember that the January report is really a reflection of the low market activity in December. This low activity is driven primarily by the low inventory of home for sale. What’s more, a good amount of that already low inventory is made up of home that are less desirable. This less desirable homes will take longer to sell and end up at a lower price, compared with the local averages.
But fear not! As in previous years, January 2021 saw a large number of new buyers hit the market in search of that perfect home. And as in previous years, that large group of buyers had to fight over a very small number of homes for sale, which ended in fast activity and fierce bidding wars that pushed prices up, up, up! You will probably see all this reflected in next months report.
If you’d like a no-obligation consultation on buying or selling a home – or successfully managing both transactions at the same time in this kind of market – give Doron a call directly at 206-779-9808.