What Do Recent Market Conditions Mean for You?

There are many great homes for sale in the Greater Phoenix Metropolitan area. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (480) 596-2900 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we're going to take a quick look at what the real estate market looked like in November. Here are the numbers:

• New homes: 7,597 came on the market
• Homes on the Market: 27,486 active listings
• Homes sold: 5,005 were bought
• Inventory: 5.5 months supply

Most of these numbers are down just slightly from last year, but not enough to be concerned. If you look at the supply and demand from this year, it's identical to what it was in 2001, which was a healthy, balanced market. What does all this mean? 

There are a few pieces of good news, per the Cromford Report:

• Active listing counts have started to fall (though not in all areas). We are down 1% from a month ago and only 2.3% higher than in 2013.
• Pending listings are UP from last month, as are listings under contract.
• It is not time to celebrate, but it is time to start feeling a little hopeful that the worst is behind us.

According to the numbers, now is a pretty good time for real estate in the Phoenix area. When you consider the fact that interest rates are still at historic lows, at just over 4%, you can see we have ideal conditions for buying or selling. 

If you want to see the whole report, give us a call. We would love to send it over to you.

If you have any questions about the real estate market or interest rates, don't hesitate to give us a call or shoot us an email. We would love to help you out!