For Buyers: Market conditions continue to get better for buyers undeterred by rising mortgage rates. Over the last 10 weeks, there has been a surge of new listings in every price point over $400K, pushing the supply level up 113% over this time last year. The surge in new listings is not happening under … [Read more...]
MLS Supply Up 45% in 6 Weeks, Rising Interest Rates Dropping Demand Quickly
For Buyers: It's the moment you've been waiting for, less competition and more supply in Greater Phoenix! Active supply is up 40% from this time last year, but all that gain has been achieved over the last 6 weeks with an increase of 45%. This is an enormous change from April’s report where supply was only up … [Read more...]
Metro Phoenix Residential Updates – April 2022
For Buyers: Supply is still the top concern for buyers these days and we continue to look to new construction to add new homes and ease the pressure on price. The top areas for new single-family home sales are the West Valley, with 44% market share, and Pinal County, with 27% market share. The Southeast Valley comes … [Read more...]
Welcome to Phoenix Metro Real Estate in March 2022!
For Buyers: Don’t be fooled by the small increase in supply and decrease in demand compared to last year. The Greater Phoenix housing market is far from weak and will continue to see prices appreciate in the foreseeable future. Housing market indicators move slowly, unlike other types of investments such as stocks or … [Read more...]
Median Sale Price up 2.4% Over Last Month
For Buyers: Affordability has been dominating the headlines as of late, however, few have been documenting the plight of buyers in the luxury market over $1M. Typically, the higher in price one can go, the more they’d expect to see less buyer competition, more choice and more negotiating advantage. Not … [Read more...]
Welcome to 2022! What’s the Latest Real Estate News?
For Buyers: As the cost of purchasing a home increases in Greater Phoenix, the question of whether to rent or buy becomes harder to answer for some buyers. The overall median cost of a home is currently $425,000, and for a typical 1,500-2,000 square foot home, the median cost is $420,000. … [Read more...]
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