Welcome to our Phoenix real estate market report November 2014. In a word, the market is very calm and steady. For many this is good news compared to the radical ups and downs during the past few years. Home sellers are not so happy as sales have been a bit puny. Let’s start with commentary from Michael Orr from ASU and some numbers provided by the Cromford Report… a great data took we Realtors have access.
Phoenix Real Estate Market Report November 2014
Commentary from Michael Orr
Active listings have increased while demand is continuing to stay flat in most areas of the Valley. We have been moving to a buyer’s advantage in many areas. Affordability is good, interest rates remain low and population continues to grow, but home buying remains very low-key. The consensus from many of our clients is that Buyers and Sellers are holding off until the New Year to take action. We’re hearing that many believe this a a “right-sizing” and agents are hopeful that 2015 will bring a steady and solid year for the industry in residential.
Additional Thoughts From The Urban Team
We have titled this post Phoenix Real Estate Market Report November 2014 and the reader needs to understand that the actual data is reflective of September and October sales. The actual numbers for November will show up in our next report and those numbers will reflect a much softer market.
The total sales during the month of October for single family homes on the ARMLS system were 6796. Those homes were actually put under contract some time in late August to late September though. The sales numbers in November were staggering low at just 2194. As realtors, we felt this slow down. Few new home buyers called or emailed us in September to mid-October and other agents were feeling the same solitude.
Late October we started to see a bit more activity and we expect the closed sales numbers for December to be better than November’s. In addition, we do expect things to churn up in early 2015. It’s kind of like a pot simmering on the stove… a some point the lid comes off and people start chowing down. With the addition of a Super Bowl, we expect a lot of national attention. Should we have great weather while the rest of the national is caught in snow drifts, expect a good springtime real estate market.
A Great Phoenix Real Estate Market Infographic November 2014
The good folks at Fidelity National Title have put together the infographic below. There is a lot of info here that will give you a sense of the Phoenix real estate market. If you have questions or are looking for someone to help you explore your real estate options, please know we are here for you. Just give us a call at 602-234-5777 or send an email to Ron@UrbanTeamAZ.com.