Looking at the Phoenix Market Over the Last Year

What's going on in the Phoenix market? Today we'll discuss how the market looks compared to this time last year.

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I've got both a market update for the Phoenix area and some great news for you today.

This year, we have 10,095 homes on the market for sale compared to 10,745 last year, which marks a 6% decrease in the number of homes coming on the market. That's a great thing for home values and home sellers. There are 22,686 active listings versus 23,671 the year before, which is a 4.2% decrease in homes listed for sale.

We also saw a notable increase in the number of homes sold; 6,001 homes closed in January compared to 5,188 the year before. That's good for a 15.6% increase in homes sold, and that's a big number.

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Homes in certain parts of the Phoenix market are really starting to appreciate in value.

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This year, we saw January have a 3.78-month supply of inventory compared to 4.56 months the year before, which is a decrease of 11%. That means that it would take less than four months to sell everything currently available on the market if no other home came on the market. It's considered a seller's market.

As for mortgage interest rates, the 30-year fixed mortgage interest rate is at an average of about 4.19% as of February 2nd according to Freddie Mac, with the 15-year note rate at 3.41%. Rates are heading up steadily for the first part of February, homes are selling, there's not as much inventory as there was last year, and in some areas, you can see prices starting to appreciate.

If you have any questions about your house's value or you're thinking about buying a home, give me a call or send me an email soon. I look forward to hearing from you.