March 2016 Phoenix Metro Housing Market Update

March 2016 Phoenix Metro Housing Market Update

In the last 30 days we have had 10,550 new listings hit the market and only 5,818 home sales.... this is not 2 months in a row where 5,000 more homes hit the market than sold... what does this trend mean... well it is all about supply and demand, the higher the supply, the less the demand and the lower prices drop... The good news is the average sale price today is up $20,000 from last year at this time... but if the trend that is happening now continues, we will start to see depreciation soon... The average sold price currently is $272,000 and the average days on the market for a home to sell is 64 days.If you are a homeowner and thinking of selling, I would absolutely not wait.With the current trend within a few months we could start seeing prices decline. If you are a buyer this means right now you have a lot more options than you have had in years and it is a great time to go find exactly what you want Mortgage rates remain at all time lows and there are many low down and even zero down loan program now available.If you have any questions or would like to set up a 100% free no hassle, no obligation, no pressure home buying or home selling consultation to discuss your options please call me or text me at 480-619-0314 0r you can email me at daniella@revistorealestate.com


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Phone: 623-703-7445
Dated: March 8th 2016
Views: 2,772
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