This month, we had 10,444 homes come onto the Phoenix market compared to 10,503 the year prior. We’re only down 1%! We have about the same amount of inventory available. Total active inventory rests at 24,309 properties, down 6% from 25,829. While this benefits sellers, it doesn’t help buyers.
5,173 total homes were sold in January 2016 compared to 4,756 January 2015. That’s a 9% increase. Additionally, we have about a 4.7 months worth of inventory currently. This time last year, we experienced 5.43 months of available inventory. That’s a 13% decrease.
What does this mean for consumers? Sales are up. Inventory is down, which helps increase prices. Interestingly enough, demand has weakened compared to previous years. In fact, we’re had about 2,000 price reductions on a weekly basis since January 1st. Although we can’t predict the future, homes are still selling and likewise, sellers are starting to adjust prices to compete. This is normal, since we normally experience an influx of new listings every first quarter.
If you’re thinking of buying or selling, or know someone who might be, share this video! Give me a call or send me an email. I’d be happy to serve your Phoenix real estate needs!
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