Sure feels like spring out there doesn’t it? All the rain we received this past winter brought out the desert bloom in full force. Beauty and allergies both are abound for sure!
Our metro Phoenix housing market remains more or less balanced as of this posting. At least as balanced as it usually gets around here. Our markets tend to favor the extremes and with years of migration and low interest rates sellers have held the advantage all the way up to end of 2023. At that time you may recall things tipped to the buyers and we have hovered closer to equilibrium. Interest rate hikes and national economic concerns had a significant impact on demand for housing and while our buyer numbers dried up we did not see a huge jump in inventory. The same interest rates that put many buyers on ice, also provided incentive for potential sellers to stay put in their(relatively) low interest mortgage. All that back story has brought us to today. Here are the stats from March 2023 in a snapshot:
Sales in March 7414 up 32.8% from last month and down -22.1% from March last year
New listings in March 7771 up 9.9% from last month and down 19.1% from March last year
Total Inventory 16,922 down 6.9% from last month and up 99.3% from last year.
Yeah, that last number caught my eye as well. Almost twice as many available homes on the market compared to this time last year and while the sales number in the first stat is up from last month, things sure have changed since March 2023.
Bottom line is that while we are more or less balanced overall, the reduced demand is impacting seller results and pricing for homes. Every home is unique in this market. There is enough buyer demand to provide quicker sales of well priced homes that show well. Overpriced homes or homes that have location, feature or condition issues will be sitting with less buyer interest.
For nearly 20 years now I have been assisting valued buyer and seller clients with interpreting the market conditions and creating a strategy for best results. If you, or someone you know is considering a move in residential real estate we would be honored to meet with them for a no obligation consultation. Newman Realty is a multi million dollar producing residential real estate company in the southeast valley. Our skilled agents are ready to assist in in the communities of Gilbert, Queen Creek, San Tan Valley, Chandler, Tempe and Mesa. We are family owned and operated, local, experienced and professional.
Stats courtesy of AMRLS. Until next time friends,
Owner/Designated Broker Newman Realty