The number of homes for sale has gone up for 4 straight weeks and the average home price is up 24% from last year. Is demand finally cooling off a bit? Let’s get into it and take a closer look at the #Phoenix #Arizona #RealEstate #HousingMarket.
There are 5,174 Homes for Sale
29,541 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 15.76 Days
The Average Days on Market is 32
The List to Sales Price Ratio is 101.3%
The Average Home Value is $487,640
The Value 1 Year ago was $370,367
1 Year Increase in Value is 24.04%
Let’s go a little deeper…
Soooo…Are we cooling off? Well it would appear so because the number of homes for sale has held over 5,000 for 2 consecutive weeks and the last time that happened was in February but hold on a minute. Over the last 90 days we’ve closed 29,541 properties. Thats the most we’ve closed in a 90 day period in a very long time and Pending sales might be down a wee bit but its actually still near the all time highs. So are we really cooling off? No. This is a normal lull that we have just about every year before school lets out combined with affordability starting to slide but don’t expect this to significantly slow the market down anytime soon.
What trends are we seeing?
Believe it or not sellers are getting lazy which isn’t good for buyers. We are seeing verbiage in the Realtor only remarks that homes can only be seen in very short showing windows of 1.5 to 2 hours for only 1 day or 2 and we’re also seeing terms like can only be shown on Saturday and Sunday and offers due Monday but seller reserves the right to accept an offer prior to that. Clear as Mud! What sellers and their listing agents don’t understand is that this is doing a disservice to themselves. It’s not good for the market, not good for the industry and creates some very upset buyers. If you’re listing a property allow it to marinate on the market for at least 3-4 days. This will allow as many buyers as possible to see your home AND they can come back to see it. What you’re not seeing promoted is that quite a lot of sales are actually falling through because buyers are having to make snap decisions that they are regretting. By allowing it to mature on market for a few days you lower that possibility and if you have a savvy listing agent working for you they will turn it into an auction like atmosphere without the headaches and you’ll get offers way over your asking price that actually close escrow. I promise you if you only show your home for 1 to 2 days and or only a couple of hours you’ll be under selling it and missing out on tens of thousands of dollars.
That’s it for this weeks market update. Please be sure to like or follow us. Stay safe out there and if you have any questions about the Phoenix Real Estate Market you know whom to call.