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January Phinneywood Housing Market Snapshot

This is a periodic contribution to the Blog by local realtor Doron Weisbarth

The annual Fall sale kicked started late in 2021 – late October instead of mid September. So it seems fitting that the Fall sale extended late into the year as well. In what seemed like a last minute Holiday rush, buyer gobbled up the few homes that were on the market. The exceptionally low number of new Single Family Home (SFH) listings enjoyed exceptionally large demand, pushing prices up sharply in our PhinneyWood neighborhood and elsewhere. Part of the high demand may have been spurred by fears of rising interest rates.

This ratio of extra-low supply to extra-high demand may very well extend into the remainder of the Winter sale and perhaps the rest of 2022. Interest rates increased lately, and the Feds have announced that they are going to hike up the prime rates earlier than expected in 2022, and perhaps more often as well. When the competition is so fierce, even little changes in the interest rates, which affect buyers’ maximum purchase price, can dampen some
of the competition. So the race is on, and far from over.

You can see January’s full report at www.phinneywoodhomes.com

Do you need some professional hand-holding to navigate a purchase or sale of a home? Call Doron for a free, no-obligation consultation. You can reach him directly at 206-779-9808