Today we’re talking about the real estate market in May of 2019. What’s changed in the past year? We’re here today to find out.
- We had 11,028 homes come on the market for sale in May 2019 versus 10,677 homes in May 2018. That’s a 3.2% increase!
- Active inventory is up to 20,544 from 18,247 last year. That’s a 12.6% increase.
- Home sales are up to 10,488 from 10,104, a 3.8% increase.
- Our months’ supply of inventory is up from 1.81 months to 1.96 months, an 8.3% increase.
Now, a two-month supply of inventory is obviously still a seller’s market generally speaking. Inventory has gone up, but is still historically low. As for interest rates, they’ve dropped a bit recently because the stock market has been so volatile. A lot of money has been going into the bond market, pushing down these rates. This is great news for buyers because lower rates equal lower payments.
In the U.S., 10,000 people turn 55 each day. A lot of these baby boomers will be selling their homes this summer and downsizing. Summer is a great time to sell your home, as evidenced by the amount of homes on the market right now.
In fact, more homes sell in June, July, and August than in any other time of the year. A lot of families move in the summer when kids are out of school. Arizona is one of the top states for retirement and you can take advantage of that fact by selling a home this summer while there is less competition and more homebuyers.
If you have any questions for me in the meantime, don’t hesitate to give me a call at (602) 738-9943 or send me an email. I look forward to hearing from you soon.