How Have Things Changed for Our Market in the Last 12 Months?

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As summer draws near its end, it’s time for us to take a look at recent market trends in the Greater Phoenix area.

To begin, there were 8,921 new listings on our market as of this past July. This constitutes a very small year-over-year decrease from the 8,950 new listings that came to our market in July of 2017.

Moving on, there were 18,642 active listings this year as of July. Last year at this same time, there were 19,938. Of those listings, 8,531 sold this July, indicating a 6.3% year-over-year increase from the 8,024 that sold in July 2017.

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While inventory levels have dipped over the last 12 months, supply has begun to climb back up over the past 90 days.

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Finally, while inventory levels have dipped over the last 12 months, going from 2.38 months of available supply in July of 2017 to 2.19 available months at that same time this year, supply has begun to climb back up over the past 90 days. Since May, there has been a 21% increase in the amount of inventory in our market.
With all of these changes taking place in our market, buyers and sellers alike will need professional guidance to make the most of their real estate goals.

 If you have any other questions, would like more information, or are curious how we can help you buy or sell, feel free to reach out. We look forward to hearing from you soon.