There are a variety of opportunities in the Phoenix Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
The market here in Phoenix has seen better days. There is currently a weak demand for homes throughout the area, with the exception of a few pockets. Because of weak demand, the average days on market has risen to 84, from only 61 last year. Our inventory has also increased - to 4.2 months from 3.4 months at this time last year. Additionally, the listing success rate has fallen from 76% to below 70%.
The only good piece of news we have for you today is that average sales price has risen to $250,000 from $225,000. The luxury market is seeing some positive trends, as activity is still strong for homes above $2 million. While overall conditions aren't the best, we will make it through this holiday season. Homes may be sitting on the market for longer, but sellers are getting higher prices in the end. This time of the year is pretty ideal for sellers, as we typically see serious buyers in the fall and winter months.
If you have any questions regarding Phoenix real estate or need a hand navigating this tough market, give us a call or shoot us an email. We can help you make the most of these conditions!
