This is a monthly contribution to the Blog by Greenwood realtor Doron Weisbarth
The pent-up demand and supply that had been building up during 2023 seems to have burst through, resulting in strong market activity across the board. This is true for our regional market and for our PhinneyWood neighborhood.
As evidence, note the surge in the number of new listings, in the number of closed sales, and ultimately in the median sales price. In fact, the median sales price for single family homes (SFH) nearly matched the highest price in all of last year, and the spring sale had just begun.
For more details about PhinneyWood’s real estate dynamics, you can find the full analysis, including a trove of charts, online at PhinneyWoodHomes.com
Will this surge in activity and price appreciation continue for a while? My guess is we had not yet fully exhausted the pent-up demand and supply. So I expect to see the strong market activity continue at least through spring. And if interest rates maintain their levels below the 7% mark, and maybe even drop down a little more, the buyers are certainly going to continue being very active, fueling multiple bids that will continue pushing prices upward, even if at a slower pace.
Have you been keeping your home buying and/or selling plans hidden in a closet? Perhaps now is a good time to bring those plans out into the daylight. To find out your options and chart your best plans for moving forward, call Doron for a free, no-obligation consultation. You can reach him at 206-779-9808.
