Here is what you need to know about the Phoenix housing market and how to tell who has the advantage.
How’s the Phoenix Market doing in July 2021? 🌵 Buyers rejoice, homes listed for sale have increased by 5% since July 4th! 📈 What that means is that Buyers face a little less competition when bidding for homes. In the Spring we were in a “Seller Frenzy” Market. Now it has settled at a “Hot Seller’ Market. We still have a ways to go before a balanced market, but we are on our way! 🙌🏻
Key Signals in the Phoenix Housing Market
Watch four numbers to understand the Phoenix housing market: months of inventory, median sale price, average days on market and the ratio of sale price to list price. Fewer than about three months of inventory usually signals a seller’s market, while six or more points toward a buyer’s market.
Conditions also vary by city and price range. Scottsdale luxury homes can behave very differently from starter homes in the West Valley, so always look at local data.
Ask me for a current report on your neighborhood. Selling? Visit my seller resources.
