Here’s how the latest year-over-year statistics from our Phoenix market compare between March 2017 and March 2018:
-The number of new listings dropped from 12,200 to 11,402.
-The number of active listings dropped from 22,100 to 20,356.
-The number of sold listings rose from 9,357 to 9,612.
-The month’s supply of inventory dropped from 2.36 months to 2.12 months.
As you can see, sales are up, inventory is down, and there aren’t as many new listings coming onto the market. What’s interesting is interest rates have escalated since last year, but at the same time, home values and sales are both rising as well. This is because buyers want to lock in a rate now before they get even higher. If rates rise too high, these buyers will get priced out of the market and not be able to afford what they really want to purchase.
There’s a scramble among these buyers to buy now, so if you’re looking to trade up, now is a great time to do it. If you’re looking to buy your first home, now’s a great time to lock in a low rate before they increase even further.
If you have any questions about our Phoenix market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.