Market Update for Phoenix

Kevin Langan Phoenix Real Estate Podcast​

What’s driving the Phoenix real estate market? Three things in particular.

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At the end of the 2nd quarter of 2017, there were three things that stood out to me in terms of market activity. Here’s what’s driving the market right now:

1. Active listings are down. There are fewer homes coming on the market this month than there were last month. That 6% decrease means inventory is still very low.

2. Pending sales. Right now, we’ve got 11,394 of them, which is down from last month’s 12,431. Some of this is due to a bit of a seasonal decline in our large metro area. Some of it is related to our depleted inventory.

3. Closed sales. This month, we had about 236 fewer sales than we did in the previous month, which isn’t a very big change. It’s a notable decrease, but we are still up 8% in closed sales year over year.

Homes that are priced right are receiving offers quickly.

What does this mean to you? We still have low inventory, affordable homes, and homes that are priced right are getting offers almost immediately after they hit the market.

If you have any questions about the market or anything else relating to real estate, give me a call or send me an email. I look forward to hearing from you.