This is a monthly contribution to the Blog by Greenwood realtor Doron Weisbarth
Market activity continued its upward trajectory in our PhinneyWood neighborhood and in our greater Seattle area in general in May. New listings, pending sales and closed sales remain strong, as do market prices. This is more clearly evident in the price per square foot category.
Check out all the date and the full analysis online at PhinneyWoodHomes.com
Despite all this, the market activity still lacks significantly behind the market activity during and prior to the covid years. It seems that the higher mortgage interest rates are less worrisome for new buyers but are affecting the decision of many existing homeowners. So while we’re seeing more inventory than we saw last month, it is still not enough to satisfy the demand. This may lead to a new wave of pent-up supply that might burst through as mortgage interest rates drop into the mid- to low- six percent. When that will happen is still a mystery.
Are you considering buying or selling this year? Call Doron for a free, no-obligation consultation on how to get the most from your transaction. You can reach him at 206-779-9808.
