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The October numbers are in for the Phoenix real estate market, which makes now a great time to take a look at recent trends.
We've been in a strong seller's market for quite some time, but we saw the market loosen up a bit for buyers. In some areas, we've even seen things take a turn into a buyer's market. Overall, data seems to show that we're heading back to a neutral market.
Right now, there are only 21,439 homes on the market, a drop of 13.7% from this time last year, when we had around 25,000 homes on the market. This year we have 5,021 pending listings, whereas last year we had just under 5,300, which is a change of 10%. Monthly sales have dipped a bit, as we sold 6,200 homes this October versus 6,271 last October; this is a small drop, which can mostly be attributed to the big changes we saw in the lending process. The new TRID requirements have likely caused delays, which will probably make November look like a bigger month because some closings got pushed past the later days in October.
The monthly median sales price came in at $213,000, which is a significant increase over the $192,000 median sales price we saw last year. This number is thrown off a bit, however, because we aren't selling as many $200,000 and under homes; we're actually selling more higher-end homes than we usually do.
Right now, we're still in a seller's market, but as these numbers show, we're heading to a healthy neutral market. If you want to take advantage of these conditions, there's no reason to wait; the holidays are a great time to sell because of a decrease in competition and an increase in snowbird buyers.
If you would like more information about current market conditions, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!