October Phinneywood Housing Market Snapshot

by | Oct 15, 2023

This is a monthly contribution to the Blog by Greenwood realtor Doron Weisbarth

In September, the number of new listings and the number of closed sales dropped by 30% compared to last year, and by 63% compared to the year before that. These numbers reflect the pattern of declining market activity that we’ve seen for a long while. Several factors contribute to this low market activity, including the low mortgage interest rates that many would-be sellers locked in during the pandemic years, and that they now don’t want to give up. And, of course, the current high mortgage interest rates, that are keeping some buyers out of the market, while creating a lower cap on the buying power for those who are still shopping.

You can read the full report online at PhinneyWoodHomes.com.

The low inventory seems to be balanced almost perfectly by the higher mortgage interest rates. The result is that home prices, for the most part, have remained steady.

Historically, the fourth quarter of each year tends to have higher market activity compared to the summer slump. It remains to be seen what happens this year. One thing we know that hasn’t changed – we still have way more buyers than sellers!

If you have questions about how to navigate this confusing market, call Doron Weisbarth for a free, no-obligation consultation, at 206-779-9808.

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