What's Going on in the Phoenix Market?

A lot has changed in the Phoenix real estate market since last October. We broke down the important statistics to explain what they mean to you as a buyer, seller, or homeowner.

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What's changed since last year in the Phoenix real estate with October now in the books?

To start, we saw a 3.8% decrease in the number of new homes coming on the market. Active inventory, though, increased 2.9% in that same period. This month, 7,104 homes sold versus 6,328 last year, good for a 12.2% increase. Our month's supply of inventory dropped to 3.37 compared to the 3.67 months we had at this time last year. That's an 8.2% decrease in inventory.

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Homes are selling a great pace and interest rates are still near historic lows.

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The good news for the market is that homes are selling at a better pace than they were last year, interest rates are still very low, (3.47% on a 30-year fixed), people are buying now to lock in low rates. Rumor has it rates will increase after the election.

We're starting to see two different markets, though: you see homes that are selling (and doing so fairly quickly) and homes that are sitting on the market with price reductions. We're seeing that throughout the Valley, and it's usually the sign of a transitioning market. This could mean a transition from a seller's market to more of a balanced market or buyer's market. It varies depending on the neighborhood or price point.

If you want to get a better idea about your specific area or an area you're interested in, give me a call or send me an email. I'd love to answer any questions you have.