How do we characterize Phase 1 Creek market in February 2015? If you look at the infographic the arrow on the gauge shows that it favors sellers. If this arrow was the temperature gauge of your car you would say that you were overheating and dangerously close boiling over. I have never seen the available inventory lower than it is today in my 23 years of serving Rock Creek. There are 14 single-family homes on the market and only 2 that are not under contract. If you are a buyer today looking for a home in Phase 1 you are going to need a budget of $700,000 or more as both of these homes are on the higher end of the price scale for the neighborhood.
Homes that have been sitting around on the market since last fall are being snapped up in multiple offer situation’s because of the lack of new homes entering the market. There may have never been a better time to be a seller in Rock Creek than today. If you are a seller with a home with its own set of challenges because of poor location, structural issues, or even unrealistic pricing this may be the market for you to try and overcome those obstacles. I can’t say exactly why these houses are selling today, and not last fall. If I had to guess, I would say that the buyers from last fall were weary from a spring and summer of price increases and that they feared the same would happen this spring, pricing them out of the current market.
The remedy to this market will be new inventory. Hopefully for buyers, that remedy is just around the corner. Traditionally we start to see more homes come on the market as spring time approaches. The 70 degree temperatures that we have recently seen will hopefully have new homes sprouting onto the market just as it does for the trees and shrubs. Only time will tell what type of year we will have but it is off to a robust start!