OUR BLOG

10 Apr 2018

2018 Phoenix Real Estate – 1st Quarter Wrap-Up

It’s hard to believe, we are are already beyond the 1st quarter of this year and 10-days into the second. The older you get, the faster time seems to pass us by. The local Real Estate Market has kept a torrid pace.

Let’s look at some numbers from our MLS:

  • Total Active Properties (in Maricopa County) – 14,181
  • Active Single-Family Detached Homes – 11,556
  • 26% of those Active Homes are priced under $300K
  • Total Under Contract Properties – 9,112
  • 53% of those Pending Sales are under $300K
  • Total Closed Sales for March, 2018 – 8,419
  • Less than a 2-month Supply of Current Inventory
What does this mean? Well… the lower price points, mainly for first-time and entry-level buyers are EXTREMELY competitive with many multiple offer scenarios still in play. However, the market is somewhat segmented with some higher price points being flat or just not moving too fast. Much of this has to do with home owners whom want to move, but are afraid to sell their existing home, not knowing where they’ll go after due to the overall inventory shortage.

As interest rates continue to rise, affordability is impacted and the recent stock market fluctuations have also caused a little drop in economic confidence.

We’ve been through various Real Estate cycles before and know how to be successful in any marketplace. There is a process and strategy involved, which is why we are true advisers to our clients… giving insightful information so you can make the best decisions for your own personal circumstances.

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When it comes to Real Estate, we’ve got you covered throughout the Phoenix Market so please never hesitate with any questions as we’re happy to answer them all… give us a call @ 623-203-2264!

brokerjustin

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