This is a monthly contribution to the Blog by Greenwood realtor Doron Weisbarth
As we bid farewell to 2023, the real estate landscape in our PhinneyWood neighborhood witnessed an unexpected vigor, despite a noticeable decline in new listings during the final two months. Surprisingly, home sales remained brisk, defying expectations even when compared to the relatively low activity of the same period in 2022.
For a details about PhinneyWood’s real estate dynamics, you can find the full analysis, including a host of charts, online at PhinneyWoodHomes.com.
The catalyst behind this unexpected surge? A drop in mortgage interest rates, breaching the psychological barrier of 7%. This welcomed development invigorated buyers, prompting them to add a new home to their wish list for Santa. Even more surprising was the resilience of home prices, traditionally prone to dramatic declines in December. Contrary to historical trends, prices held mostly steady, not only compared to the previous December but also in relation to the overall performance in the fourth quarter of 2023.
As mortgage interest rates continue their downward glide, the anticipation grows for a substantial influx of homebuyers into our market. While it may not replicate the surges witnessed in years past, it appears sufficient to exert upward pressure on market prices. The extent of this price increase hinges on the delicate balance between the number of buyers entering the market and the available inventory.
If buying or selling a home is part of your New Year’s resolution for 2024, consider reaching out to Doron. His market insights can be the key to navigating these dynamic trends. Call him directly at 206-779-9808 for a no-obligation consultation and position yourself advantageously in the evolving real estate landscape.
