The month of April saw demand outpacing supply, shifting focus away from interest rates as the main driver of the market. The balance between supply and demand has shifted in favor of sellers since mid-November, indicating the market correction that caused a major slow down in the fourth quarter of 2022. With all this said, […]
On Wednesday, the Federal Reserve raised interest rates by a quarter percentage point, concluding a 14-month campaign to combat persistent inflation. However, experts believe this may be the final rate hike for the foreseeable future, as a weaker job market and slowing economic growth introduce new uncertainties in the banking sector. The Fed’s statement omitted […]
Overall, the Metro Phoenix real estate market saw some mixed results for March 2023, with a decrease in the number of sold listings and the average sales price. While the increase in inventory may provide more opportunities for buyers, mortgage rates remain in the mid 6’s. In the words of Dave Ramsey, buy the home […]
The recent collapse of Silicon Valley Bank and Signature Bank has complicated the Federal Reserve’s decision to announce a 0.25% increase in the target federal funds rate. These two failed banks have made the decision to hike interest rates more complex. Silicon Valley Bank was forced to sell a bond portfolio at a loss due […]
The market continues to improve for sellers. Sold properties are up 34% over January 2023; this increase is much more positive than the industry expected in the fourth quarter of 2022. The contract ratio for all areas & types has risen above 60% as of March 1st, showing signs of a market heating up again. […]
Demand weakened, as it always does during the holiday season, which is why our supply took a 24% jump this month. However weak demand does not necessarily make a market crash. Excess supply is what really drives prices down hard, and we’re simply not seeing that. The downward pricing trend is actually weakening. Asking prices […]
According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in Quarter 4, 2022 versus Quarter 4, 2021: The Number of SOLD listings decreased by 28% to 6,545 units, with a top sale of $21,000,000 at 6015 E Cameldale Way, in Paradise Valley. The Average Sales Price increased by 14% to $939,524, moving the Average Price […]
If you’re thinking about Buying or Selling residential real estate, it’s important to understand the current market trends. According to Flex-MLS, the Marketplace for MetroPhoenix Residential Properties, in November 2022 versus October 2022: The Number of SOLD listings decreased by 20% to 333 units with a top sale of $13,500,000 at 6453 E Luke Avenue, […]
Metro Phoenix | October 2022 vs October 2021 Average Sales Price: September 2022 > $867,615 vs October 2022 > $825,130 = 5% decrease Average Days On Market: September 2022 > 52 vs October 2022 > 59 = 13% increase Average Sale Price Per Sq Foot: September 2022 > $342.85 vs October 2022 > $337.73 = 1% […]
Metro Phoenix Average Sales Price: Q3 2021 > $756,951 vs Q3 2022 > $857,765 = 13% increase Average Days On Market: Q3 2021 > 32 vs Q3 2022 > 43 = 34% increase Average Sale Price Per Square Foot: Q3 2021 > $304.51 vs Q3 2022 > $349.96 = 15% increase Sale to List Price […]
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