What’s going on right now in our Phoenix area real estate market? Let’s examine the latest numbers and find out.
The latest numbers for our Phoenix metro real estate market are in, so let’s review them today.
As of July, there were only 15,754 active listings in our residential market. This constitutes an 11.1% year-over-year decrease. Meanwhile, the number of pending listings also dropped—undergoing a 3.4% decrease from last year.
Monthly median sales prices, though, have risen 9.4% since July of 2017, for a current median sale price of $267,990.
In the new construction market, activity is booming. Yet with so few homes being built in the $200,000 and under price range, both resale and new construction homes within this bracket are seeing rapid appreciation.
The market right now is very strong here in our Phoenix area, and it will likely continue to be so. With all of this in mind, you may be wondering what these conditions mean for you as a buyer or a seller.
For sellers, it’s important to keep a pulse on how seasonal market trends may impact your goals. Conditions tend to lag slightly as we head into the fourth quarter, so being mindful of this change and strategizing your sale accordingly will be crucial to your success.
If you’re a buyer, realize that interest rates are set to rise. That said, those thinking of buying should seize the opportunity to buy now while conditions are still favorable.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.