QUICK FACTS: Phoenix Valley Real Estate, May 2022
FACT: The inventory of homes on the market is up by 40% over this time last year
FACT: Inventory is still about 70% below normal.
FACT: Home Prices are still hovering around all-time highs.. more than 20% higher than last year in some areas.
FACT: 8% less homes made it under contract last month compared to the month before.
FACT: We are still in a "seller's market"
FACT: 1 in 5 Arizonans us My Home Group to buy or sell their home.
What does all of this mean? The market is shifting. There are less buyers, and more homes on the market. Does this mean it is now a buyer's market? No. Prices are still historically high, and homes are still selling. If trends continue, this means that if you have thought about selling a property, it may be a great time to do so before inventory and interest rates potentially affect prices. If you have thought about a home, you may have better luck now than a few months ago.
Call Matt Dorner with My Home Group at (928) 279-9871 if you any questions about buying, selling, or the where the market is at.
Let’s Work Together
Call now, or leave a message. I would love to meet in person, or over the phone. I can help you get your home sold for top dollar, and get you in to your dream home. It is my mission to make my clients feel like family, and you will recognize that from day one, all the way through close of escrow and beyond.
My Home Group Realty