Here’s a quick rundown of the February numbers for Phoenix real estate....
The February real estate market was, in a word, unbelievable. Here are the latest numbers in Phoenix that you need to know:
- There were 10,977 active listings in February 2022. That’s down 10.5% from the 12,255 we had in February 2021
- We saw 8,981 new listings in February, which is also down 2.7% from 9,225 at this time last year
- Home sales are slightly down 0.5% from 8,042 to 8,005
- Our months’ supply of inventory is down 10% from 1.52 to 1.37 months
As you can clearly see, we’re still in a hot seller’s market. Interest rates are starting to fluctuate, which has a lot to do with the stock market. When stocks go down, investors move their money to bonds. Then as money flows into bonds, interest rates drop, and home affordability goes up. Buyers are still buying homes right now because it’s cheaper here in Phoenix to own a home than to rent one.
If you’re renting, now is a time to consider buying. It’s also a great time to be a move-up buyer because rates are historically low.
If you have any questions or like to know more, give us a call at (602) 738-9943 or send me an email at firstname.lastname@example.org. I look forward to hearing from you.