🚨 Market Update 🚨
The spring market has brought both relief and uncertainty. Relief for sellers from the downward plunge in home prices but uncertainty for buyers with the rocky interest rates. Here’s a recap of the real estate market in May.
👉 The median sales price in the Metro Phoenix Area has risen for the 3rd month in a row.
👉 Average Days on Market has decreased for the 3rd month in a row.
👉 Inventory continues to shrink. The active listing count is above the record lows we had in 2021-2022 but still well below the “normal” levels we had in 2019. Low inventory will likely cause prices to continue to rise or at least plateau.
👉 Due to the low inventory the Metro Phoenix area remains in a seller’s market. Only two of the 17 largest cities are in balance and the other 15 are in seller’s markets. Both Chandler and Gilbert show up in the top 4 strongest seller’s markets in the valley.
👉 The listing success rate is the strongest it’s been in a year at 84%.
👉 Price reductions are the lowest we’ve seen in a year.
👉 Interest rates were around 6.5% at the end of May and rose to nearly 6.8% in June before having a slight decrease this past week to 6.71%.
If you are considering making a move, reach out and I’d be happy to review the specific market in the area you are moving to or from. Gilbert may be in a hot seller’s market right now but there are other areas of the valley that haven’t quite caught up yet.