The Phoenix Real Estate Market Is Strong for Sellers

The latest numbers are in for the Phoenix market. Inventory is down, sales are up, and sellers are happy.

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The latest numbers are in for Phoenix real estate and I’m happy to share them with you. Here are some of the most important things that we saw in February:

1. 9,799 homes came on the market this February, down 8.7% from the 10,657 we saw in 2016.
2. Active inventory also dropped by 5.3% over the last year, down from 25,012 to 23,736
3. There were 6,512 sold homes in February, an 11.5% increase from the 5,830 we saw last year.
4. Our supply of inventory dropped an astounding 17.8%. Last year we had 4.29 months, this year it’s down to 3.64.

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Inventory is at its lowest point in 15 years.

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We’re seeing shrinking inventory, a shrinking number of homes coming on the market, and an increase in the number of sold homes.

Interest rates have gone up since the election, which has brought even more buyers into the market. Move-up buyers who want to lock in a low rate are becoming more common. Inventory is still at its lowest point in 15 years, however.

If you or anyone you know is thinking about selling a house, this is the market do pull the trigger in. If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you. Make it a great day!