Buyers, it’s the moment you have been waiting for – more supply and less competition in Greater Phoenix!
Our active supply of homes for sale is up 40% from this time last year – this is a significant change from April where supply was only up 16% over last year. Inventory listed between $400K – $500K range is up 35% in just 3 weeks! $500K – $1M range inventory is up 99% and $1M – $1.5M inventory is up 54% both in 6 weeks.
The market is in the early stages of shifting out of an insane seller’s market and could be a regular old hot seller market before we know it. For Sellers, this would mean properties still appreciate but take multiple weeks to sell, buyers don’t waive their appraisal contingency and Sellers pay for home warranties. For those sellers waiting to sell at peak price, this may be the time to list.
As always, it is important to have a knowledgeable professional guiding you through this market, and I would be happy to help.
