Phoenix Market Update: October 2021
Here’s a snapshot of our real estate market as we go into fall.
Today we wanted to talk about how the market is changing and what to expect if you’re selling or buying a home right now.
Our inventory is around 7,000 to 8,000 homes right now. Back in March, this was around 3,000 to 4,000, so we have almost doubled our inventory since that time. However, our average sales price is still up 15% from last year to this year.
Going back to basic supply and demand, we can expect that if our supply keeps increasing, eventually our prices will fall as long as the demand stays steady. It seems like our demand is fairly steady right now, so while we might not see prices drop, we will at least see them increase at a much slower rate.
The market is not as aggressive as it was before.
We aren’t seeing the ridiculous, 30- to 40-offer bidding wars anymore. Instead, there are maybe two to three offers per home. The market is not as aggressive as it was before, so it’s a good time for buyers to think about getting something. With the supply rising, you’ll have more options.
The only real question is where is the market going to go, up further or down a little bit? We predict that the market will go up because a lot of people moved here during the 2009 crash. A lot of them didn’t buy homes; they just kept renting. On top of that, we have a really good job market and a lot of people moving here, so there is still plenty of demand for homes.
If you have any questions about these stats, buying a home, or selling your home, feel free to give us a call. We would love to help you out.