What’s the latest news from our Phoenix real estate market? Here are the statistics from February and how they compare to February of last year:
- New listings decreased 4% from 9,940 to 9,555
- Active listings increased 18.1% from 19,229 to 22,714
- Sold listings decreased 8% from 7,070 to 6,507
- The months’ supply of inventory increased by 28.3%, going from 2.72 months to 3.49 months
As you can see from our supply of inventory, we’re still in a seller’s market, but 28.3% is still a drastic jump. Aside from the rise in inventory, another statistic worth noting is that the Cromford Market Index is down 24% since last August. This means homes are still selling, but we don’t have as many bidding wars as we saw last year.
Additionally, interest rates are still low—the average rate for the 30-year fixed mortgage is around 4.25%. This makes now a great time to buy. If you wait for rates to drop, you risk getting priced out of the market if they start to rise.
If you or anyone you know is thinking about buying or selling a home or you have any other questions about our market, don’t hesitate to get in touch with me. I’d love to help you.