Trends and opportunities in The Greater Phoenix area's 2023 real estate market.
Hello, everyone from sunny Greater Phoenix area! Today, I’m excited to share our market update, highlighting five essential points that you should be aware of in our current real estate landscape.
1. Buying activity. Despite a 33% decrease in sales in Maricopa County, real estate transactions are still happening actively. This indicates a market that, while slower, is still vibrant and bustling with opportunities for both buyers and sellers.
2. Stable pricing. An interesting aspect of our current market is the stability in pricing. The average price has seen a 7% increase, while the median price remains consistent with last year’s figures. This stability is a positive sign for both parties in the real estate process.
3. Buyers’ payment patterns. Currently, buyers are paying 98% of the list price on average. This is a slight increase compared to last November, where the average was 97%. It suggests that buyers are still willing to pay close to asking prices for the right property.
4. Inventory levels. The current inventory stands at about 18,000 homes, marking a 22% decrease compared to the same time last year. While this indicates a more competitive market, the adage goes: it’s a price war and a beauty contest. If you’re selling, pricing your property correctly and ensuring it’s in top condition will lead to a successful sale.
5. Days on market. The average days on market is around 55, almost identical to last year. This suggests a consistent pace in the real estate process, both for buyers and sellers. Buyers should note that while the frenetic pace of past markets might have slowed, competition still exists.
The Greater Phoenix real estate market presents unique opportunities and challenges. Whether you’re a seller looking to price your property correctly or a buyer navigating the market, it’s crucial to understand these dynamics. We’re committed to outperforming promises and delivering exceptional results. If you need guidance or assistance in this market, don’t hesitate to reach out. We’re here to help you make informed and successful real estate decisions. Call us today – we can’t wait to hear from you!