Let’s Explore Your Selling Options. I’ll help you sell your home at the price and terms you want. Free Selling Strategy Call
Over the past 30 days, we’ve seen some clear signs that the Phoenix real estate market is stabilizing. When you line up today’s numbers with where we were a year ago, a few important shifts start to stand out. These changes give us a better sense of where the market might be headed next and what that means if you’re thinking of buying or selling. Here’s everything you need to know:
Inventory. Inventory is up significantly. There are currently 28,171 homes for sale, compared to 20,992 at this time last year. This marks a 34.19% increase, offering buyers more choices than they’ve had in quite some time. Despite this rise in inventory, pending sales are slightly down, with 7,192 homes under contract now versus 7,570 a year ago, which reflects a 5% decrease.
Closed sales are holding steady, with 6,347 homes sold compared to 6,399 last year, which is a minimal difference of just 52 homes.
Month’s supply of inventory. The month’s supply of inventory has also risen, from 2.8 months to 4 months, representing a 42.8% increase. This jump is helping create a more balanced environment for both buyers and sellers. Interest rates have been hovering below 7%, encouraging more buyers to enter the market with renewed confidence. Sellers are also becoming more active as increased inventory presents better opportunities for them to find their next home.
Many sellers had previously hesitated to list their homes due to a lack of available options. With more listings to choose from, they are now making moves. In fact, homes in the Valley are currently selling at a pace of roughly one every three days.
Our market is in a good place right now for buyers and sellers. As things continue to stabilize, it’s opening up new opportunities for anyone thinking about making a move. If you have questions or need guidance navigating the current market, I’m here to help. You can contact me at (602) 738-9943 or send an email to jason@thepenroseteam.com. I look forward to hearing from you.
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Let’s Explore Your Selling Options. I’ll help you sell your home at the price and terms you want. Free Selling Strategy Call
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