Episode #1 I PHOENIX. HOUSING. MARKET. MONDAY. I October 2018
Hello I’m Scott Graff with TEAM GRAFF TV!
ON this very first episode… of PHOENIX. HOUSING. MARKET. MONDAY., we take a close look as to what is happening in the Phoenix Housing Market!
DID YOU KNOW?
Phoenix is the #6 largest city in the entire United States?
This is a big deal! For us residents of this awesome city, it means a ton of opportunity and choices for where to live and what style of home to invest! There’s truly is something for everyone.
SO here we go!
Taking a look back on the month of September 2018, there was just over 7,000 closings with an average sales price of…$318,596. BOTH the number of closings AND the average sales price is down just a bit from the previous month overall. We track the roughly 41 different cities or suburbs if you will, of the Phoenix Metropolitan area so definitely keep in mind, each city behaves different!
NOW… here’s a question I get asked daily. “SCOTT – are we still in a seller’s market? Is the market shifting?”
THE ANSWER IS: Yes & Yes
One key number to pay attention to is the months supply of inventory. Right now, in Phoenix, we are sitting at approximately 2.4 months of inventory, which is up from last month, which basically means if no other homes were to come on the market, and the purchases remained consistent, we would be out of inventory in just shy of 2 1/2 months.
NOW… nationally it’s a generally accepted principle that an inventory level above 6 months is a buyers market and below 6 months is a seller’s market. Clearly in Phoenix, it’s been seller’s market for quite a while in most market segments.
Here’s the deal though. Sure there were 7,010 closed transactions last month, however there were over 1,700 homes that either cancelled or expired, meaning, buyers didn’t choose those homes.
AS A SELLER… it’s more important than ever to be properly positioned on the market, having BOTH a strong pricing strategy AND to be staged properly. Yes, staged. If you’ve watched any HGTV over the last couple of years, you can see how important staging is and how buyer’s are influenced by those shows.
AS A BUYER… it’s becoming an even more exiting time as the increase in inventory offers buyers more choices in an already affordable market environment. (1:49)
If you have any questions regarding the Phoenix real estate market, please give me a call at 480-600-3900 or visit us online at teamgraff.com.
PHOENIX. HOUSING. MARKET. MONDAY. This is TEAM GRAFF TV I’m Scott Graff. See you next time.
For more information on Phoenix real estate or homes in the Phoenix area, contact our office at any time.