Are home prices adjusting in our local market? See this market update.
What happened to the Phoenix real estate market? I believe it’s best to answer that with the facts, so I’m here to share some critical market indicators and explain how they affect your buying and selling plans.
If we compare this month’s market to what it was at this time last year, we’ll find that inventory has increased by 155.7%, while homes under contract dropped by 29.2%. On the other hand, the median monthly sales price is up by 11.4% at $450,000, which is a $30,000 drop since May. Additionally, the number of homes that have closed is down by 33%, and the median days before a contract is accepted is 21 days. Our days of supply is 65. Lastly, around 28% of the entire MLS had to adjust their prices only a week before I recorded this video.
What does this all mean? If you’re a seller, you need to hire a true professional who has the marketing and negotiation skills to help you win in this changing market. For buyers, take advantage of this shift. Interest rates have dropped and are now around 5%, inventory is rising, and sellers are more open to concessions.
If you have more questions about this market or need help with your buying and selling plans, don’t hesitate to call or email me. I would love to be your real estate consultant!