Month of May greetings from the Urban Team and welcome to our. This is a valley wide market report. As we’ve mentioned in past Phoenix Real Estate Market Reports, this a general overview. If you would like info about a specific zip code or region, just toss an email to Ron@UrbanTeamAZ.com and we’ll be back to you ASAP.
The infographic underneath the text will give you some stats and information about what’s currently happening in the Greater Phoenix real estate market. In a nutshell we are seeing following:
- The number of homes for sale (active listings) has been falling. The under $200,000 market is very skinny these days with months of supply under 2. This is a very low number.
- The average sales price of a home is rising. This is a natural occurrence when supply is low and demand is rising.
- Home sellers were a bit frustrated in February, March and the first part of April. Home buyers were not pulling the handle on a purchase. Things started picking up in mid-April and have been continuing since.
- The Cromford Index, a measure of supply and demand. has been rising. A value of 100 is a balanced market. Values above 120 indicate we are in a sellers market… demand is strong. You can see the demand has been very constant for quite a while and has recently started moving up in many areas of the Valley. (Click on the image to enlarge)
- First time home buyers are seeing multiple offers and prices going up. According to Mike Orr at ASU, we could see a 2-3% rise in lower priced home during the period of April 15th to May 15th.
- We are getting close to the end of the traditional buying season. We expect robust sales through June as families try to get settled into their new homes before the new school year begins. If you are planning to sell, you may want to kick things into high gear before the traditional lull that happens from mid-July through early October.
If you have questions, know we love to be the ones you turn to for answers. One of our clients calls us the Answer Guys… a true honor in our book. Just email Ron@UrbanTeamAZ.com or call 602-234-5777 ext. 0.