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Arizona Real Estate Market Update

Phoenix and ARMLS Market Update
As a reminder with all real estate numbers, real estate is a MICRO game, but the numbers that we present in this blog and other sources are MACRO numbers.  If you want to know specifics about your city, neighborhood or house, be sure to contact us directly so we can drill down and see what is really happening for you.  Remember, the TV, newspaper and other sources are looking for stories and won’t necessarily be looking at our specific real estate market.
Market Factoids Year To Date (October 2018):
Supply: 2.9 months of inventory
Active Listings Days on Market: 95
Closed Listings Days on Market: 62
Active Listings Price Per Square Foot: $214.91
Sold Listings Price Per Square Foot:  $162.15
Average Sold Price: $324,113
Median Sold Price: $260,000
What do these numbers mean to you?
We are starting to see a shift in the market, longer days on market and a bigger spread between the list price and the sold price.  This should indicate to the seller that they need to start being responsive and setting their sales price at a more realistic point.  Many sellers are still trying to push the market up, but we are seeing two trends. First, we are seeing the normal seasonal trend which shows prices coming down from our summer heights and second, we are seeing the buyers demand cooling as well.  With interest rates going up and memories of the 2006 housing bubble, buyers are being very cautious and PICKY!!! If your property is not updated, clean, move in ready and priced right, you may be sitting longer than you are used to seeing. Be prepared to negotiate and create a win-win for both the buyer and the seller.  The inventory numbers may show a seller’s market, but the reality is different. Welcome to the new normal.

In October we saw inventory numbers either remain steady or tick just slightly up for price points under $600K.  Everything above $600K had a slight decrease. Those numbers are slightly different in the east valley cities where we saw slight increases in inventory priced at $500K and under and decreases in anything from $500K and up.  

If you are looking for agents who know how to maneuver in this NEW Real Estate Market, then you need to talk to an agent at the Living 48 Real Estate Team.  We are here to be your real estate resource. Let us help you get your questions answered and your real estate needs addressed. We have a long history of helping our clients attain their real estate goals in the smoothest possible way. Talk to us today to see how we do things differently.

Visit us at www.living48re.com to search for active listings!

Want to know what your home will sell for? Click HERE for your FREE home value estimate!

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