Your First Phoenix Real Estate Update of 2016

Buying a home? Click here to perform a full home search Selling a home? Click here for a FREE Home Price Evaluation

 Call me at (480) 596-2900 for a FREE home buying or selling consultation
Today, we are excited to talk to you about how the year ended in Phoenix real estate, and what you can look forward to as 2016 continues to unfold. Here are the latest statistics for December, compared to the numbers from the same time frame at the end of 2014:

• 5,989 homes came on the market this December, up 2.6% from the 5,899 we had come on the market in 2014.
• We currently have 23,903 active listings, which is a large 9.5% decrease from the 26,184 homes on the market at this time last year. This is good news for sellers, because you have less competition now than you did in the past.
• We had 6,557 homes close escrow, an increase of 4.6% from the 6,450 we saw last year. This is also great news for the market.
• Inventory is way down from last year. We are currently at 3.54 months, a 14.7% increase from the average last year, which was 4.06 months.

If you look at the Cromford Market Index in the video above, you'll see we ended the year at 132.2. A balanced market is right at 100, so 132.2 is a sign that we are currently in a seller's market.

We are looking for 2016 to be a good year for a couple of reasons. For starters, the Federal Reserve raised the federal funds rate by a quarter of a point, so buyers are anxious to get in the market now and lock in those rates before they rise again, which could happen two or three times in 2016. 

Expect to see a lot of people making moves this year in Phoenix. If you have any questions for us, or are interested in making a move yourself, give us a call or send us an email. We can't wait to hear from you!