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PhinneyWood Housing Market Snapshot

FEBRUARY 2021 REPORT

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The January report for our PhinneyWood real estate market can seem downright confusing: market activity is way up, time on market is way down, yet prices of single family homes (SFH) are down?!

 

Remember that the January report is really a reflection of the low

market activity in December. This low activity is driven primarily by

the low inventory of home for sale. What’s more, a good amount of that already low inventory is made up of home that are less desirable. This less desirable homes will take longer to sell and end up at a lower price, compared with the local averages.

But fear not! As in previous years, January 2021 saw a large number of new buyers hit the market in search of that perfect home. And as in previous years, that large group of buyers had to fight over a very small number of homes for sale, which ended in fast activity and fierce bidding wars that pushed prices up, up, up! You will probably see all this reflected in next months report.

If you’d like a no-obligation consultation on buying or selling a home – or successfully managing both transactions at the same time in this kind of market – give me a call directly at 206-779-9808.

Median Home Price

Single Family Homes

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$635,000

PRICE DECREASED

-15.3%

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Condos

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$465,000

PRICE INCREASED

40.1%

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JANUARY 2021 CLOSED SALES

SOLD

Number of Condos and Single Family Homes Sold

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-57.1%

3

56.3%

25

21.7%

28

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CONDO

SFH

TOTAL

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JANUARY 2021 CLOSED SALES

Total Dollar Value of Closed Sales

Single Family Homes

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$20.3 million

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SALES INCREASED

54.5%

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Condos

$1.4 million

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SALES DECREASED

-42%

Total

$21.7 million

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SALES INCREASED

39.3%

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JANUARY 2021 CLOSED SALES

Median Days on Market

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17 days

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TIME DECREASED

26.1%

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JANUARY 2021 CLOSED SALES

Months of Inventory

4 months

At the current rate of sales it would take

3 months

0.8 months

to sell every home that

is active in our area

2 months

1 month

2017

0.5

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2018

0.4

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2019

1.1

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2020

0.6

2016

0.5

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2021

0.8

0 months

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JANUARY 2021 AVAILABLE INVENTORY

Months of Inventory

Last month there were

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37

active listings in the database

DECREASE OF

54.2%

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from JANUARY 2020

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JANUARY 2021 AVAILABLE INVENTORY

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New Listings

Last month there were

55

new listings added to the database

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DECREASE OF

44.7%

from JANUARY 2020

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2020

38

2021

55

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JANUARY 2021 NEW LISTINGS

Pending Sales for Single Family

Homes & Condos Sold

There were

39

total homes and condos under

contract in JANUARY 2021

INCREASE OF

28.6%

from JANUARY 2020

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CONDOS

SFH

TOTAL

9

30

39

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JANUARY 2021 PENDING SALES

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