This is a monthly contribution to the PhinneyWood Blog by Greenwood realtor Doron Weisbarth
For most of this year, our PhinneyWood neighborhood has absorbed a remarkable increase in homes coming onto the market without much slowdown in activity. July may be the first indication that this is beginning to change.
Active inventory reached 111 homes and condos, up 50% from last year and the highest level we’ve seen in several years. At the same time, pending sales dropped, and median days on market increased from 6 days in June to 12 days in July.
That’s still a relatively fast-moving market, and with 3.3 months of inventory, we’re firmly in seller’s market territory. Single-family home prices also remain strong, with the median price up from last year.
You can find all the latest data and the full analysis onlineโgo to PhinneyWoodHomes.com.
But the balance is shifting. Buyers have considerably more choices, while sellers face much more competition from other sellers. That means pricing, preparation, presentation, and timing matter more than when inventory was extremely tight.
It will be interesting to see whether July was simply the beginning of our typical summer slowdown or the start of a more meaningful shift toward a balanced market.
If you’re considering buying or selling, understanding these changing conditions can make a meaningful difference. For a no-obligation consultation and a smart strategy tailored to your goals, call Doron at 206-779-9808.