Major Shift In Phoenix Arizona Housing Market

Major Shift In Phoenix Arizona Housing Market

James Lombardi here with the Joshua Smith Real Estate Group’s October 2013 Phoenix Metro Real Estate Market Update.  The market is changing rapidly before our eyes and in my opinion we will be seeing a large shift in the market place.

In the past 30 days there have been 9,500 new homes listed on the market. There are currently 22,000 Active single family detached homes for sale which is up 2,000 from a month ago and up 10,000 from 6 months ago. 

There have been 6,551 sales in the past 30 days, so with 9500 new homes coming on the market monthly and only 6500 selling, we are accumalating 3000 homes per month on the market.

It all comes down to supply and demand, the higher the supply, meaning the more homes on the market for sale, the less buyer demand which means prices will not continue to go up, days on the market will increase and it will be harder and harder to find a buyer for your home.

The average sales price is still 236,000 which has been about the same for the past few months, prices are not going up in most areas, and in the areas that are still rising in value, are rising very slowly and will be halting soon as well.
What does all this mean, well my prediction, here in the next 6 months we will be in a neutral market meaning it will no longer be a sellers market which will raise the amount of days a home on average takes to sell. Today the average days on the market for a home to sell is 62 days. In a neutral market it will be closer to 90 or more days.

It is now more crucial than ever to choose the right Real Estate Agent to Sell and Market your home. You need someone with market knowledge, that is experienced, has a track record and most importantly has an extremely aggressive marketing strategy.  We are selling over 1 home each and every day in today’s market and have helped thousands of sellers and buyers here in Arizona accomplish their real estate goals. We have the experience, the systems, the resources, the marketing plan and most importantly we have a proven system with proven results to get your home sold. We have a game plan in place from the second you decide we are the real estate team for you to the second your home sells.

For a 100% free, no hassle, no obligation and absolutely no pressure listing interview call me today at 602-796-3840 or visit us online at SoldByJoshua.com. For a 100% Free Estimated Home Valuation within seconds, visit us at http://james.joshuasmithrealestategroup.com/sell.php  Thank you and make it an amazing day!


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Phone: 623-703-7445
Dated: October 18th 2013
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