February 2016 Phoenix Housing Market Update... The market is shifting fast.... In the last 30 days we have had 10,515 new listings hit the market, that is up 4,000 from the month before... there are currently over 24,000 active homes for sale here in the Phoenix area... In the last 30 days there have been 5,188 sales.... so that is 5,000 more that hit the market, than sold... supply is rising quickly, we are currently at 5 months worth of inventory.... what that means is if another home was not listed it would take 5 months to sell all the current listings on the market.... 6 months of inventory is when it becomes a buyers market.... the average sold price is currently $269,000, average days on the market before going under contract is 79 days, and homes are selling on average at 97% of their list value... If you are thinking of selling anytime in the near future, now is the time to do so, as if this trend continues you will lose equity.... if you are a buyer, the great news is interest rates are still at all time lows and you have more options to choose from than we have seen in the past several years.... 

Joshua Smith Headshot
Phone: 623-703-7445
Dated: February 3rd 2016
Views: 2,458
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