Critical Phoenix metro market update every agent should know about.
The red-hot market has finally cooled, homes aren’t appreciating as quickly, inventory isn’t as limited, and bidding wars aren’t as common as they were two years ago. There may be a few exceptions in some pockets of the market, but for the most part, the dust has settled. As a real estate agent, what can you do to help your clients make wise real estate decisions as things change?
At 1:00 in the video, you’ll see a graph from Crawford comparing the Phoenix metro market from August 9 last year to this year. It contains critical data that can help you explain what’s truly going on in the market and convince sellers to make their real estate move.
As shown in the graph, inventory has increased by 155.7%, while homes under contract dropped by 29.2%. This means supply and demand have widened. We’re now in a balanced market, and likely heading toward a buyer’s market.
What does this mean for buyers? Take the time to explain to your buyer clients that this is a great opportunity for them. Interest rates have dropped and are now around 5%. The median sales price has decreased by 6.2%, and inventory is rising.
If you want more details about this topic or need help with your real estate career, give me a call or send an email. I’ll be happy to help!