What Has Changed in the Market Since August 2017?

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In August of 2018, 9,931 homes came on the market, whereas 9,853 came to the market in the same month last year. This is a 0.8% increase, which isn’t terribly significant.


Last year, there were 19,249 active listings on the market, compared to this year’s 18,338—a 4.6% increase.


For homes sold, August of 2017 saw 8,253. This year we sold 8,245, which doesn’t account for much of a difference.


In August of 2017, the months’ supply of inventory hovered around 2.33 months, which decreased by 4.4% over the next year, leaving us with 2.23 months this past August.


What does this mean? In short:


We’re seeing a pickup in inventory year over year and a decrease in the months’ supply of inventory. However, we have also seen a consistent increase of our months’ supply of inventory since May of this year.


You might notice that houses are staying on the market a little bit longer and that there have been some price adjustments in your area. In some neighborhoods, sellers are still getting multiple offers; in other neighborhoods, you might see an upswing of inventory.


If you have any questions about the state of the market or if you’re thinking of buying or selling a home, please reach out to me. I’ve been selling real estate in the Valley for the last 19 years—trust me, I can help you.

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.

February 2017 vs. February 2018: How Has Our Market Changed?

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Now that February is behind us, it’s time to take a look back at the latest market statistics from that month.

In February of 2018, we saw 9,721 new listings come on the market. This is a 3% decrease from what we saw in February of last year, when the number of new listings was 10,016.

As for the total number of active listings, we had 20,711 on the market this February compared to 22,305 in February 2017. 

There has been a 7% increase in the number of homes sold, with 7,019 listings having sold in February of 2018 and 6,529 having sold in February of last year.

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There’s no way to be sure what the market will do, so don’t put off your real estate plans any longer.

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Also, inventory has dropped. This February we had 2.95 months’ worth compared to last year’s 3.42 months. This is a 16% decrease in supply.

Due to our low supply and high buyer demand, most of our local markets currently favor sellers. Buyers are still highly motivated, despite the fact that rates have gone up, rising from about 3.5% last year to 4.25% this year. Buyers are concerned that if they don’t buy a home now, they’ll be subject to even higher rates later on in 2018.

In fact, the Fed has hinted that they may be raising rates as many as four times this year.

Whether your real estate plans are to buy or to sell, I recommend making your move as soon as possible. There’s no way to be sure what the market will do, so don’t put off your real estate plans any longer.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

It's Time for Another Market Update

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Today we’re talking about the changes we’ve seen in the real estate market, as well as giving an overview of where things were at as of this September.

In September of this year, 9,454 new listings came onto the market, compared to 9,938 in 2016. This is a 4.9% decrease.

The number of active listings year over year has also decreased, going from 21,791 in 2016 to 20,806 in September of this year.

However, sales have been basically flat. The difference between last year and this year was just a .002% increase from 7,436 to 7,456.

Like new listings and active listings, inventory has also decreased. In September of this year there were 2.79 months of inventory, whereas last year there was 2.93 months.

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It’s a great time to cash out as a seller while the market is still in your favor.

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All of this indicates a shortage of homes for sale in our current market, especially in lower price ranges. Nevertheless, demand is still strong.

These conditions combined with the fact that rates are still low means that now is a great time for sellers. It’s a great time to cash out as a seller while the market is still in your favor.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

This August's Real Estate Market Set Records

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Today I’d like to take a look at our real estate market for August of 2017.

During the month of August, we had 9,780 homes come on the market, compared to the 9,333 that came on the market this time last year.

The difference between these numbers means an increase of 4.2% from 2016 until now in terms of new homes on the market.

Active listings, though, have gone down. This statistic saw a decrease of 8.8%, going from 21,787 active listings in 2016 to 19,877 in August of this year.

In terms of sold homes, we had 8,251 this year. This constitutes a 4% increase from the number of sold homes in August of 2016, which was 7,932.
 
The months' supply of inventory right now is sitting at about 2.41 months—a decrease of 13.4% from last year’s 2.75 months.

A reduction of homes coming on the market combined with an increased number of homes being sold has lead to this decreased supply.

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Right now is a great time for buyers and sellers alike to make their move.

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This means that we are still in a seller’s market.

Demand is also still very strong, since interest rates are lower than they’ve been all year. Right now, a 30-year fixed interest rate is about 3.78% on average. The average for a 15-year fixed is just 3.08%.

All of these factors have combined to create a very interesting market. We’ve got record-low interest rates, the lowest inventory we’ve seen in about 10 years, and a lot of demand.

Ultimately, now is a great time to move forward with a real estate transaction whether you’re looking to buy or sell.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How Has the Phoenix Market Changed in a Year?

 Our market continues to trend toward sellers. Here are the latest numbers that prove it.

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It’s time for us to share the latest numbers for the Phoenix real estate market. We took the numbers through July of 2017 and compared them to what we saw in July of 2016 to see how the market has changed. Here’s what we found:

• New listings are down slightly by 1.5%, going from 9,043 last year to 8,912 this year.
• Active inventory is down by 10.8%, from 22,510 in July 2016 to 20,301 in July 2017.
• Sold homes went up by 4.2%, from 7,761 to 8,016.
• Inventory dropped from 2.9 months in July 2016 to just 2.59 months now. That’s a 13% decrease.

We’re still seeing a tightening of inventory and an uptick in home sales, showing that we are in a very strong seller's market with limited availability and strong buyer demand. A lot of that has to do with interest rates. Right now, the 30-year fixed average is around 3.75%. Buyers are buying now to lock in these low rates before they go up.

If you have any specific questions for us about the market or real estate in general, give me a call or send me an email. If you found this video helpful, go ahead and pass it onto someone you know. I look forward to hearing from you soon.

Examining the Market Numbers From This Past June

The latest statistics from our Phoenix market point to a strong seller’s market.

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The latest Phoenix area market statistics are in for the month of June 2017. Here’s how they stack up against where we were in June 2016:

• The number of homes that came on the market increased 2% from 9,934 to 10,143.
• The number of active listings decreased 6.9% from 23,071 to 21,484.
• The number of sold listings rose 7.1% from 8,959 to 9,596. 
• Our months of inventory decreased 13% from 5.58 months to 2.24 months. 

As you can see, our market is experiencing a decline in the number of homes for sale, an increase in the number of homes sold, and a decrease in our month’s supply of inventory. These numbers indicate a strong seller’s market.

Along with the shortage of inventory and strong demand from buyers, interest rates are still below 4%. With prices going up, many buyers are entering the market with the intent of locking up a low interest rate before prices go any higher.

If you’re thinking about buying your first home or making a switch from your current home, give me a call so we can formulate a strategy. I look forward to hearing from you soon.

What Changed About Our Market This Past May?

The latest numbers from the month of May say we’re in a strong seller’s market.

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What changed about our market this past May compared to May 2016? Let’s look at how the numbers stack up.

This year, we had 10,504 new homes come on the market, which is a 4.2% increase from the 10,074 homes that came on the market in May 2016. Inventory decreased 6% from 24,172 available homes in May 2016 to 22,704 available homes in May 2017. The number of homes sold increased 10.9% from 8,832 in May 2016 to 9,797 in May 2017. Our month’s supply of inventory went from 2.74 months in May 2016 to 2.32 months this past May, which is a 15.4% decrease.

This 6% decrease in inventory and 10.9% increase in buyer demand means we’re in a strong seller’s market in most neighborhoods. However, this can also vary depending on your price point. Interest rates are the lowest they’ve been in 2017. The last email I saw from Freddie Mac said that the average 30-year fixed rate was 3.875%

If you have any questions about our market or you or anyone you know is interested in buying or selling a home, don’t hesitate to give me a call. I look forward to hearing from you soon.

This Is One of the Best Markets We’ve Ever Seen in Phoenix

A lot of drastic changes have occurred in our market over the last year. Here are the numbers you need to know in Phoenix.

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The latest numbers are in, so let’s take a closer look at the real estate market and how it compares with what we saw at this time last year. A lot of drastic changes have occurred in the last 12 months.

We had 10,303 homes come on the market in April of this year, down 7.3% from the 11,054 homes we saw the year before. Right now, we have 23,552 homes on the market, down 7.1% from this time last year. The month’s supply of inventory has also declined 11.5% from 2.99 months to 2.68 months. Finally, home sales are up by 3.8%, from 8,450 last April to 8,781 this year.

What does this all mean? Fewer homes are coming on the market, fewer homes are on the market for sale, and more homes are selling. That puts us in a strong seller’s market in most areas. It will depend on the neighborhood and price point, but the market’s inventory is extremely low overall. Homes priced under $300,000 are selling fairly well, sometimes with multiple offers.

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We're in a strong seller’s market in most areas.

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We also have seen interest rates stabilize in the low 4% range, bringing more buyers into the market while we also have the fewest number of homes on the market since 1999. It’s a great time to buy a home right now and lock in a rate while they are so low. If you’re thinking about taking the equity from your current home and using it to purchase a bigger, nicer house, this is the perfect market to do that in.

If you have any questions for me, don’t hesitate to give me a call or send me an email. I would love to hear from you soon.

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!

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.

What Can We Expect in the 2017 Phoenix Market?

The election is finally over, so we can start to examine how the results could affect the Phoenix market. Today we'll examine how the market could change in 2017.

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No matter where you stand politically, I'm sure we can all agree that we're glad the election is over and we can move on. So what does the election's outcome mean for real estate here in Phoenix?

I'm getting a lot of questions about what I think prices will do in 2017, and I hear them from both sides of the aisle. Having been in real estate for more than 17 years, I can tell you that we're still dealing with basic supply and demand. When supply exceeds demands, prices will flatten off or decline. Usually, in a post-election year, we see a lot of homes come onto the market for sale by sellers who deferred moving until after the election.

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In post-election years, many homes are listed by sellers who waited for the election to end.

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So how many people will step up to the plate in 2017 to buy and sell a house?

If the sellers exceed the buyers, prices will go down, and if buyers exceed the sellers, prices will go up. We don't know which way it's going to go, but we know that escrow fallout rates escalated in the fourth quarter of 2016. If this continues, we could have a flat or softening market in 2017.  It will also depend on if the stock market stays stable, increases, or God forbid, goes through a correction in 2017. We're also keeping an eye on interest rates.

It's all very local and depends on your neighborhood, how many homes are for sale in the neighborhood, and whether those sellers are reducing prices to get the home sold.

If you have any questions about your neighborhood or your home's value, give me a call. I'd love to hear from you!

Is There Good News on the Horizon for Our Phoenix Market?

Looking back at the statistics from December 2016, all signs point to a healthy Phoenix market going forward in 2017.

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How did our market do in December 2016? What can we expect moving forward in January 2017? Let’s start by reviewing some numbers from last month and how they compare to December 2015.

• We had 6,397 homes comes on the market for sale, which was a slight increase from the 6,133 homes that came on the market in December 2015. 
• We had 23,257 active listings versus 23,403 active listings in December 2015. 
• There were 7,192 homes sold versus 6,718 sold in December 2015, which is great because that means the number of buyers increased by more than 400. 
• We had a 3.23-month supply of inventory versus a 3.48-month supply of inventory in December 2015. 

These statistics mean especially good news for sellers. Not only is there a low amount of inventory, but interest rates have also risen. How is that good news? It means more buyers are buying homes right now because they want to lock in a low rate before they rise even further. This is creating more demand in the market.

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Our market is in great condition moving forward.

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For the time being, our market is in great condition and 2017 is looking very optimistic.

If you or anybody you know is thinking of buying or selling a home, please feel free to give me a call. I look forward to talking with you soon!

September 2016 Recap: What Has Changed From Last Year?

As far as our market goes, not much has changed in the last year. However, interest rates are still really low, so the pressure is on for both buyers and sellers to make their move.

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give you a better perspective on where our market is at, I’ve decided to compare some statistics on the market activity from September 2016 to that of September 2015:

• The number of homes that came onto the market rose 3% from 9,516 to 9,815.
• The number of active homes on the market increased 3.5% from 21,901 to 22,683. 
• The number of sold listings rose 6.8% from 6,969 to 7,447. 
• The month’s supply of inventory declined 2.9% from 3.14 to 3.05.

As you can see, there wasn’t a whole lot of change from last year. The reason I think we’re seeing an increase in sales is because interest rates are still really low. Freddie Mac recently came out and said that a 30-year interest rate average is at 3.42%. They also said that the 15-year average is at 2.8%.


The Fed was talking about raising interest rates this year but then postponed it until after the election. This has put a lot of pressure on buyers to act now while they are so low. A lot of sellers are also considering selling now because they want to secure their new home before those very same interest rates are raised again in 2017. So, whether you’re buying or selling, now is a great time to make a move.

If you have any questions about your home’s value or are interested in buying your first home, please don’t hesitate to give me a call or send me an email. I look forward to talking to you soon!

How the Market Has Changed in a Year

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A lot can change in just a year, especially when talking about the Phoenix housing market. Today we are going to examine the most recent statistics and compare them to the numbers we saw at this same time last year.

This year, we had 9,241 homes come on the market. Last year, that number was 8,837. That's a 4.5% increase. As for active inventory, we are up to 22,580 homes on the market right now vs. 21,594 homes last year. That is also up by 4.5%.

Where we saw the biggest change was with the total number of homes sold. We sold 7,974 homes this August, compared to 7,064 homes the year before. That is a 12.8% increase in homes sold, which is huge. So much for August being a bad time to sell.

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Inventory is down and home sales are up.

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Now, the overall inventory hasn’t changed much in terms of how many months supply we have. Last year we had a 3.06-month supply and this year we have a 2.83-month supply. This makes the market even better for sellers.

Interest rates are still around 3.5% and homes are selling fairly quickly if they are in good condition and priced right. If you’re thinking of buying or selling or have any questions at all, feel free to give me a call or send me an email. I look forward to speaking with you soon.

Are We Headed towards Another Market Crash?

There has been a lot of talk about a potential market crash or market adjustment in 2017. Here’s what we know. Typically during an election year, there is a shortage of homes on the market and a lot of people don’t want to make big decisions. 

A lot of buyers or sellers will wait to see how the results play out in November, then choose to make a decision the following year. Typically we see more homes come on the market in a post-election year, which is good news for buyers.

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This is the perfect storm for buying and selling.

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The market could definitely adjust in 2017, but we don’t know if or when it will happen. What we do know is that rates are currently below 4% and inventory is low. This is the perfect storm for buying and selling successfully.

If you have any questions about your specific neighborhood and its supply of inventory, or what things are going to look like going forward, give me a call or send me an email. I would love to hear from you.

The Summer Phoenix Real Estate Market Is Hot

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I’m here with your real estate market update for June of 2016.
Last month, 9,735 new listings came on the market. Compared to the 9,343 homes that came on the market in June of 2015, that is a 4.1% increase. Active listings have also gone up from 22,652 homes last year to 24,393 in 2016, which is a 7.2% increase.

The number of homes sold has also gone up by 4.1% year over year, from 8,675 in 2015 to 8,952 this past June. 'This month's supply of inventory has also increased slightly. Last June, we had 2.61 months of inventory, and this year, we had 2.72 months of inventory, which is not a major change.
Historically, more homes sell in the months of June, July, and August than any other time of the year. Most families prefer to move in the summer when the kids are out of school. If you have a smaller home, you may think that now is not a good time to sell because families want to purchase bigger homes. However, a lot of people are actually downsizing and looking for those smaller homes.
No matter the size of your property, summer is a great time to sell and a great time to move. If you have any questions, give me a call or send me an email. I would be happy to help you!

Why Is January 2016 Different for Phoenix Real Estate?

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This January is different than any January I've seen in my entire real estate career already! Here's why.

1. Inventory is lower than ever. 
2. Interest rates are hovering at 4%.
3. Buyers are flooding the market. 

Rates are extremely low now, but we expect rate hikes later this year. In fact, the Fed raised interest rates just last month. That's why there are so many buyers out there right now. However, since inventory is low, sellers are getting great prices!

In January, we get about 10,000 to 11,000 new homes on the market. If you've been looking and haven't found anything you like yet, this is great news. Chances are the home you've been looking for is now on the market. Now is the time to take action. If you're renting, you should get out there and lock in a low interest rate now before they go up. 

Now is a great time to buy or sell a home. If you have any questions, give me a call or send me an email. My team and I would be happy to help you!

Click here for my 2016 Phoenix Real Estate prediction

2016 Predictions for the Phoenix Real Estate Market

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We have certain expectations from the Phoenix real estate market in 2016 here in the Valley. While no one can predict what the market will do exactly in 2016, there are a few trends we'll watch together.

We know many homeowners have gained equity in their home if they bought from 2010 to 2016. A lot of these people want to sell and trade up to a bigger or nicer home. We're going to watch their decisions as the new year peaks. That means that there should be more homes available for buyers to choose from. This is great because low rates attracted buyers.

About one-third of millennials still live at home, because they are trapped by student loan debt or limited job prospects. Meanwhile, two-thirds are out there looking for a property. It's good for them to have those options available.

Because interest rates are low and because homeowners have equity, we're expecting a lot of movement in 2016. Historically speaking, an election year is a good year for real estate.

If you have any questions, give us a call or send us an email. We look forward to hearing from you!

Real Estate Today in Phoenix

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In October, 10,186 homes were added to the market. This is a slight increase compared to October 2014’s number: 10,010. While it doesn’t seem significant, that’s still about a 1.8% difference.

Now, let’s examine active listings. This year, 23,620 entered the market. In October 2014, this number was 26,771. Comparatively, the number of home sales has decreased by 13.3% since.

There’s not a huge difference on the number of homes sold, luckily. This year, we sold 26,345 homes compared to last year’s total of 26,231.

Year after year, inventory goes down. Compared to last year, our market has decreased by 15.6%. Now, we're noticing the inventory, month by month, starting to increase. Election years, for instance, are great for the market. Maybe this is the start of something great!

If you are thinking about buying or selling a home, reach out today by phone or email. We would love to hear from you!