Phoenix Metro Real Estate Market January 2019

Phoenix Metro Real Estate Market Update January 2019

 

The Phoenix Metro Real Estate Market is constantly changing which is no surprise, really. I've been following the Phoenix Metro market for years and what's going on now is small in comparison to 10 years ago. So relax! Knowledge of the market puts you in a good place to make sound decisions when selling or buying a home.

Let's look back to January 2018 and compare to where we are now January 9, 2019. I think you will find it interesting, especially if you're considering selling or buying a home this next year.

 

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Active Listings: Currently is 19,900 . Last January 2o18 there were 19,606 listings - up 1.5% - but down 8.4% compared with 21,736 last month.

Under Contract Listings: 6301 versus 7583 last year - down 16.9% - and down 18.5% from 7,735 last month.

Monthly Sales: 6498 versus 7197 last year - down 9.7% - and down 2.1% from 6,638 last month.

Monthly Average Sales Price Per Sq Ft: $164.74 versus $156.50 last year - up 5.3% - but down 1.2% from $166.71 last month.

Monthly Median Sales Price: $260,500 versus $246,000 last year - up 5% - and unchanged from $260,500 last month.

 

December is normally different than other months as the holidays can and do tend to change peoples focus. This year was also different in that there are various political/financial factors that may or may not keep buyers from buying or sellers from selling depending on their point of view. What stands out the most is the low number listings going under contract this past December especially the last 2 weeks.  December was a weak month for demand and in fact the weakest we have had since 2014 (6422 in December 2014). Notably we have not seen listings under contract this low since January 1, 2008.

 

Clearly buyers are unenthusiastic about buying homes compared to a few months ago. Sellers are not showing much enthusiasm either, coming in with fewer new listings than last year. But the the number of active listings in on an upward trend due to fewer of them going under contract as usual.

 

The market has 'cooled' down about 12% due to less demand then we would expect in a balanced market. Sellers still have a slight edge over buyers if their homes are priced correctly, in good condition, staged properly, marketed properly and of course location and price point does matter.

 

Low to mid-range homes tend to sell more quickly if the above factors are in play so you may still having to make an offer at list price or a bit higher if there are multiple bidders. Before you begin the process we'll research the neighborhood markets you prefer and give you a clear picture of what to expect when the 'right' home pops up and you want to make an offer.

 

Higher end homes tend to stay on the market longer and I am seeing many listings sales prices come down over time. So the good news is if you've been waiting to buy your dream home now might be an excellent time to being the buying process. Give us a call and we will talk about your dreams and come up with a plan of action to sell your current home and get you into that dream home you've always wanted.

 

Phoenix Area Homes For Sale - Search Here

 

Phoenix Metro Real Estate Market Update January 2019