In very typical February fashion the number of the homes active, for sale, on the market in Phoenix increased from January 6.8% to 22,320. Lots of homeowners wait to put their home up for sale until after the holidays so this was to be expected. The inventory absorption rate also rose to 3.9 months up 9% from last month.
Active homes for sale over $1,000,000 also jumped up 10% with 23 months of inventory. The under $250,000 segment still remains strong but also took a slight jump upwards of 5.5% and now has 2.45 months of inventory.
Overall we are still in a solid seller’s market in Phoenix but we do have micro markets that are under performing. For instance in the area near Gilbert and Ocotillo Roads there several new home subdivisions that are severely impacting the resale market of two story homes. The inventory absorption rate for those homes is now at 6.22 months. Single levels in the same area though are flying off the shelf selling in 2.85 months.
As it is in any housing market, you’ve got to price your home correctly, stage and present it well and make sure it is seen by as many buyers as possible. If you’d like to know what your home is worth in today’s market feel free to contact Dean at 602-391-9434 or Dean@CarverHomeTeam.com.