A quick update on the current status of our real estate market.
The Phoenix real estate market is showing positive signs of growth in the first quarter of 2023. According to recent market stats, supply and demand, as well as inventory, are key factors in the current state of the market. With just 3.5 months of supply, the market is currently considered a seller’s market, which means that there are more buyers than there are properties for sale.
The demand for properties is also on the rise, with contracts up compared to the previous month. This increase in demand is a positive sign for sellers who have been waiting to put their homes on the market. The average list price to sales price is 96%, which means that homes are selling for almost the full asking price. Moreover, 61% of all inventory is selling, which is great news for sellers.
The average time on the market for Maricopa County is around 70 to 75 days. However, it is important to note that every market segment is different. Therefore, if you’re thinking about selling, it’s essential to understand the current trends and pricing in your area. Working with a real estate agent who has expertise in your local market can be beneficial in selling your home for the highest price and in the quickest amount of time.
If you’re curious about your home’s current value or thinking about selling, it’s best to seek the advice of a local real estate agent who can provide you with market insights and help you navigate the selling process.
If you’re looking to sell, reach out to us by phone or email to get a detailed analysis of your home’s market value and to discuss your selling strategy.