July 2013 Arizonas Phoenix Metro Real Estate Market Update

July 2013 Arizonas Phoenix Metro Real Estate Market Update

  Hi, I am Joshua Smith with The Joshua Smith Real Estate Group of REMAX Professionals here with July 2013’s Real Estate Market Update. Today there are roughly 15,000 homes For Sale on the Arizona Regional Multiple Listing Service. To put this in prospective, we need about 35,000 homes on the market for our real estate market to be a neutral market. If it is below that number we are in a sellers’ market like we currently are today, if we are above that, the market turns into a buyers’ market meaning there are more homes for sale than buyers purchasing. We currently have 2.37 months of inventory, meaning if another home was not listed for the next 2.5 months, all the current 15000 homes would be sold and there would be no more homes for sale. This past month there was just over 8,000 home sales. The average sales price is currently $238,000 which is down $1000 from the previous month however it is up $38,000 from 1 year ago. The average time it is currently taking for a home to go under contract is 65 days. For home owners and home sellers, this is all great news, real estate prices continue to rise, buyer demand is very high due to the low amount of inventory, however with rising interest rates and rising prices we are seeing buyer activity slow down slightly so it may be the best time to sell if you are thinking of putting your home on the market   For home buyers, this means get out and buy now…. In the past 60 days with interest rate hikes the same house today compared to 60 days ago could cost you $200 or more monthly, interest rates continue to rise as well as a price, which ultimately means if you continue to wait to buy, you will get a lot less home for your money.   Whether you are looking to buy or sell, we would love the opportunity to help you and your family accomplish your real estate goals. My team has sold thousands of homes here in Arizona and the only way we have been able to accomplish this is by providing world class service. We have the systems, the tools and the experience to get the job done. We take our clients and our careers very seriously and again would love the opportunity to help you accomplish your real estate goals. Contact us today at 623-399-4377 or SoldByJoshua.com. Thank you and I hope you have an amazing day!

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Phone: 623-703-7445
Dated: July 10th 2013
Views: 586
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