We are back again with another market update for the Phoenix area for you. Let’s start out with some statistics:
9,155 homes came on the market in July 2015 vs. 8,704 that came on the market in July 2014.
Our active inventory is down quite a bit from last year, and has dropped to 22,390 from 26,799 in 2014. This is great for sellers.
Here is one interesting thing we have found. We had 7,947 homes sell in July this year, versus 6,824 in July of last year. However, our inventory increased month-over-month from 2.58 to 2.82. This is still considered a seller’s market because we are under 3 months of inventory.
The market appears to be leveling off right now. As you can see in the chart below, the last 4 weeks have been relatively flat. Home appreciation has also been leveling off quite dramatically in the last few years. In 2013, we had about 30% appreciation, 14.5% last year, and this year we are on track for 6.4%. This is due to us having less buyers in the hottest months of the year, and the looming increase of interest rates. The Fed is meeting in September to consider raising the federal funds rate for the first time since the great recession started in 2008.
If you have any questions for us, or want to know if it’s a good idea for you to buy or sell now, give me a call or send me an email. Also, forward this video along to someone you know who is looking to buy or sell in Phoenix. I really appreciate it, and I look forward to talking to you soon!
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