Buyers & Investors: 

Although it seems like inventory is getting a little bit better, the demand continues to be very strong. Buyers are soaking up the new listings as quickly as they’re added. Homes are flying off the shelf at record pace with the median days on market before an accepted contract is only 8 days. Competition continues to be fierce with 34% of homes closed in the last 30 days selling over list price. Now is not the time to be looking for a deal with the average home sale price coming in at 98.65% of list price. 

Key Takeaway: I’ve implemented some new strategies that are helping my clients find properties and see them before they’re available on the open market. So in spite of the fierce competition, my clients are still finding great homes within their budget and ideal timing. 

Sellers & Landlords:

Phoenix continues to lead the pack with the fastest growing house appreciation of any metropolitan in the US, up 9% year over year. One of the things driving prices to continue to climb is lack of new housing supply but that will change in the next year. Developers have taken notice and are acting accordingly with new building permits skyrocketing in the last 4 months to keep up with the growing demand and population. With an average build time of 8-14 months we can expect to see new inventory being delivered around this time next year. When supply goes up, even if demand stays the same, it will likely cause home price appreciation to moderate to closer to historical appreciation around 3%.

Key Takeaway: If you’re looking to time the market for the peak, my guess is that time is upon us for about the next 3-6 months. The prices cannot go up at this rate forever or buyers will pull out of the market. I’m in desperate need of homes for clients so please don’t hesitate to reach out so I can help you put together a plan to maximize your profits on your home. 

Lastly, my business isn’t possible without your support! If you know anyone looking to buy, sell or invest in real estate in the greater Phoenix metro, please connect me and I’ll make sure it’s the best and most fun real estate experience of their life.

Lindsay Fricks, Helping you, your family and friends Live & Love in Arizona!