As a REALTOR one of the questions I’m always asked, be it at my daughter’s volleyball tournament, at some social event, or at the grocery store is, “How’s the market?” I never quite know if it’s just a pleasantry like asking how your day is going or if people really want to know. For the sake of this post I’ll assume that you actually are interested because you’re still reading.
So, HOW is the Phoenix market? Well, as always, that depends…are you buying or are you selling? Are you leasing or are you owning? It generally can’t be good for both a buyer and a seller at the same time so when you get those generic answers from agents, ask for more details. Here’s a quick snapshot of the greater Phoenix real estate market right now (click on it for a clearer version):
See all those beautiful green dots along the center left? All but 2 strays. That is what a good seller’s market looks like. Active listings are down, under contract and pending listings are up, solds are up, average number of days on market is down, days inventory is down, month’s supply is down, listing success rates are up and on and on.
What does that all of that mean for you? It means that it’s a good time to be a seller in the Phoenix metro area. Our amazingly gifted local real estate guru, Michael Oor, Director of the Real Estate Center at the W.P. Carey School of Business at Arizona State University said:
March fulfilled and even exceeded most sellers hopes with strong sales across the vast majority of price ranges and geographic areas. The major improvement in demand that we first saw in February has spread to more areas and has moved strongly upmarket too.
There is very little to dislike in this batch of numbers, if you are a seller. However buyers are facing the prospect of prices increasing if these conditions prevail for a few more months.
And it’s not just the lower end showing improvement. The top 10 pricing segments for improvement are:
- Over $3M +64%
- $250-275K +35%
- $225-250K +32%
- $200-225K +28%
- $2-3M +26%
- $600-800K +23%
- $1.5-2M +22%
- $400-500K +15%
- $275-300K +14%
- $175-200K +12%
The luxury and ultra-luxury markets are really seeing some strong improvement.
All of that to say that the market is pretty good right now if you’re a seller. Do you have a house you’re thinking about selling? We’re running out of listings around here! We’d love to show you our comprehensive marketing plan and our recommendations for selling your house for top dollar in a short amount of time. Call/text or email me at 480.420.4441 or [email protected] if you’d like more info.
And buyers, check back next week for my tips on securing your dream home despite an aggressive market.
Have a great weekend!