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Today I wanted to let you know what happened with real estate in Phoenix during the month of May.
Inventory has dropped to 3.1 months of supply this year, as opposed to the 4 months that we had last year. This is a definite indicator of a seller's market, but it really depends on what your home is priced at.
Any home under $200,000 will likely see a strong seller's market, where we have less than 1 month of inventory. However, the $400,000 and above range will be sitting right around 4-5 months of inventory, which is a more normal market.
Currently our active listings are down by 20.4% from 2014, and pending listings have gone up by 12.3%. Monthly sales have also risen by 10.4%, and the median sale price is up by 9.6% ($211,000 is the median price right now).
When everything is all said and done, we're in an extremely strong seller's market right now. If you're thinking of selling, now would be a great time to do so.
If you're buying, you'll need an experienced agent to guide you through this competitive market. You'll need to be quick to purchase, as good homes are being bought up very quickly.