Where Is the Phoenix Market Heading?

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The Phoenix market is currently moving forward at a steady pace. In the month of January, we saw 10,888 new listings come on the market, and 4,784 closed transactions. Our market is currently experiencing low demand and low supply. When we sat down to compare January of 2015 to December of 2014, we saw a 1.2% decrease in the average median price and a .6% decrease in average sales price.

These statistics don't necessarily show that we're in a declining market. Rather, it shows a growing disparity between what homes are listed for, and what they're actually selling for. When looking at what's currently pending, we have a whole lot more homes pending right now than we did a year ago, which is always a great sign.

If you have any questions about the real estate market in your particular area, or if you would like real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you make the most of the Phoenix market!

Where's the Phoenix Market Heading in 2015?

There are many great Phoenix area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (602) 954-4663 for a FREE home buying or selling consultation to answer any of your real estate questions.
Since we already have a full month on the books in 2015, there's no better time to take a look at current market conditions. Where is the Phoenix market heading? Are we off to a promising start? Today, we answer those questions and more!

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.

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!