While most updates are TL;DR (too long didn’t read) this one dishes what you need to know in 72 seconds or less. 3, 2, 1… GO!
35 Seconds for Sellers
- Active Listings (aka inventory): There are 2,000 MORE active listings on market this month as compared to last month
- Despite that, sellers across most major indicators are selling more and at higher prices this November than last November
- Interest rates came down a touch the past two weeks, for some back into the 6% range which appears to be creating some increased buyer demand.
- Average and median sales prices INCREASED this month to last month
- The cities of Surprise, Litchfield Park, Goodyear, Buckeye, Maricopa, Casa Grande, Gold Canyon and Queen Creek are buyer’s markets, Cave Creek, Peoria and Sun City are balanced, and the remaining major cities are sellers markets but very soft.
- Sellers who want to sell will need to have their home in good, showable condition and be prepared to pay closing costs of buyers.
Bottomline: if rates continue to stay cooperative, this market shift into the buyer’s favor will be short lived.
30 Seconds for Buyers
- The 4th quarter is the most advantageous time to buy in Phoenix due to naturally higher inventory AND sellers motivated to close prior to the holidays
- Inventory is up 2000ish units from last month.
- Price reductions typically peak in October and November.
- Interest rates finally came down to less startling levels which has many of buyers re-engaging (mortgage loan apps are up again slightly). This is good, until a lot of competition re-enters the market then it’s not good for buyers.
- It is incredibly advantageous for buyers to make offers right now. Motivated sellers mixed with an artificially softening market equals fantastic windows of opportunity for buyers.
Bottomline: This period of time for buyers is likely short lived, I recommend you get your home purchased before the first of the year if you want a killer deal.
As always, I’m your collaborator, your strategist, and friend when it comes to navigating today’s market to hit your goals. My team expertly services the entire Valley. Reach out to me or your Wilder Group agent anytime, never too busy.
Until next month,
Monie
Associate Broker – Hague Partners
Regional Director 72 SOLD
National Coach 72 SOLD
