This is a monthly contribution to the Blog by local realtor Doron Weisbarth
July’s data for our PhinneyWood neighborhood can be quite confusing. Inventory level is up, but time on market is steady, and average prices, while lower than last month, are still higher than last year. Condos, in particular, are doing very nicely! To see the full report, go to PhinneyWoodHomes.com.
So no, the market is not cooling, and the end is not nigh. What we are seeing are natural fluctuations in our market. The appreciation rate in Q1 was too aggressive, so now the market is simply coming back to normal, although we’re still very much in seller market territory. And while prices may fluctuate, overall, we’re going to see a healthy year-over-year gain. And don’t forget that we’re in the middle of summer (finally!), so both buyer and seller are preoccupied with having fun in the sun.
Overall, we’re seeing that both buyers and sellers are adjusting to the new normal of interest rates (still historically low), inflation (may have peaked), gas prices (continuously dropping over the past 2 months), and stock market (seems to be in an upswing again). Because as long as we have more buyers (demand) than sellers (supply), the market activity will remain robust, and prices will continue to appreciate.
Considering selling your PhinneyWood home, or buying one in our neighborhood? Find out what insider tricks and strategies will help you maximize your results. For a no-obligation consultation, call Doron at 206-779-9808.