Phoenix Real Estate Market Shift back in favor of Sellers - March 2015

This March we have finally seen the buyers emerge from the woodwork.  Out of the last 6 properties we have negotiated contracts on, 5 of them had multiple offers with the buyers vying for full price or even contracting over list price.  This tells us that the buyer demand is up which means that the seller's supply will decrease throughout March and last at least through the rest of the spring selling season here in Phoenix.   You can see from this graph provided by the Arizona Regional Multiple Listing Service (ARMLS) that the months supply of listings began decreasing in January through February and we are feeling it in the marketplace here in March as the listings continue to get gobbled up by hungry buyers!

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With this trend of decreasing supply of homes on the market, we could see prices start to climb again for buyers as interest rates remain in the low 4%'s.  Our monthly sales for February were almost 10% higher then February of 2014 and a 25% increase from January. Expect that number to continue to go up for March.  Once we start selling more homes then we are listing, we will see the prices increase and continue to see those multiple offer situations when negotiating.  

What this all means for you in the Phoenix real estate market is that this is a great time to put your house on the market.  The homes listed for under $400,000 are moving well. Those homes listed under $300,000 are moving fast!  Over that price point, we start to see a more balanced market and for homes listed above $700,000 we are still a buyer's market.   For you move-up buyers who are going to be selling your house at or around $300,000, this is your ideal situation. The home you'll be moving into between $400,000 - $700,000 is moving at a different rate where you have the negotiating power in both situations.  

Call me to see how you can take advantage of the real estate market here in the Phoenix metro area (602) 748-6136. 

See how we list and SELL homes fast and for more money then the competition!