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February Phinneywood Housing Market Snapshot

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

When looking at the January report, remember that it is really a reflection of the low market activity in December of the previous year. This low activity is driven primarily by the low inventory of homes for sale. So, while December of 2021 turned out to be a relatively busy month, when compared to the rest of the year, the activity level is still pretty low.

The new Omicron variant probably kept some sellers off the market. Others are simply worried about where they will go to next. As we move into late winter and early spring, the inventory level should improve and help relieve some of the stress on the market. Interest rates have been increasing quite steadily, which may dampen some buyers’ purchase price, but there are still plenty of hungry buyers on the market right now. So overall I don’t expect that we’ll see any major shift because of the higher interest rates.

One new interesting trend to follow is how buyers’ focus will change, now that many of the hi-tech people received the green light to work from home full time, and simply live close enough so that they can make it to the office in short notice, if needed. We’ll probably see some of those buyer search a little bit further out of town.

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

Need some handholding to help you navigate this crazy market? Have questions about buying or selling a home? Call Doron for a free, no-obligation consultation directly at 206-779-9808.