By David Baker
Phoenix Real Estate Values – October 16, 2013
Here we are October 2013, real estate values and the market have begun to shift. For many home buyers and sellers in the Phoenix Real Estate market, you are going to start seeing these changes. Buyers, this change will be a welcome change, as we now are in what we call a buyer’s market. What does this mean?
Phoenix real estate is now in a buyer’s market. My definition, less than 25% of the homes currently on the market get absorbed on a monthly basis. Others may define a buyer’s market as inventory of over 3 month’s time, which of course we are at; currently we stand at 3.64 months inventory. From my tracking of the market, this appears to be growing and who knows where it will stop. I’ve noticed growth of inventory for a while, but more since July. The Phoenix MLS has been adding a minimum of 500 new listings to the already existing inventory every 7 days. Since this April, the number of active properties on the MLS has increased by 7000 units up to 22,000. Good news for buyers as the days of competing with multiple offers has all but disappeared (depending on price range). You may start seeing more options as well.
Sellers. With the shift in the market, your strategy for selling will need to be well thought out. Be sure to consider what is going on in the Real Estate market, as well as considering your home value and list price.
So is it a good time to sell your home? Values are stable currently, and that is after seeing a pretty quick and significant increase in values this year to date alone. To be sure please request a private and confidential Fair Market Evaluation. (It’s free).
Visit http://www.MyPhxHomeValue.com to request your free fair market evaluation.
See below, YUP, over 22,000 listing and counting!!!