Right now, the supply of inventory is below normal, but demand is pretty stable. Currently, we have 19,000 active single-family residences on the MLS; about 4,900 of them are on a pending status. This means we have about a four month supply of inventory in Phoenix.
The great news right now is that interest rates are still incredibly low, and we anticipate both supply and demand to increase as we head into the spring market. Another great sign for our market is the fact that new foreclosures are the lowest they've been in the last 15 years. Considering what we've been through, we're feeling very confident about our market in 2015 because of recent trends.
But the good news doesn't end there.
In 2014 we talked a lot about how strict the lending guidelines were, and how difficult it was for borrowers to obtain a loan. This year, lenders will slowly loosen their guidelines, which should have a very positive effect on our market. If you want a more in-depth analysis, you can view a full market report put together by Michael Orre of the W.P. Carey School of Business.
In 2014 we talked a lot about how strict the lending guidelines were, and how difficult it was for borrowers to obtain a loan. This year, lenders will slowly loosen their guidelines, which should have a very positive effect on our market. If you want a more in-depth analysis, you can view a full market report put together by Michael Orre of the W.P. Carey School of Business.
If you have questions about the report, or if you need real estate assistance of any kind, don't hesitate to give us a call or shoot us an email! We would love to hear from you!
