Monday, January 27, 2020 / by Kevin Kauffman
What is in the future for our Phoenix real estate market? This may surprise you, but the Phoenix housing market inventory is down 30% compared to a year ago. This means there are 30% fewer homes for sale today than there were last January.
We’ve had an excellent run in the last five to seven years in our market. There’s more demand now, but less inventory than we’ve seen since August 2005! Our population has done nothing but increase for the last 15 years. This suggests that we’ll see more multiple offer situations, meaning more buyers competing to purchase houses. Then, this would likely increase home prices in the Phoenix metro market in 2020.
We’re expecting 2020 to be an outstanding year. Hopefully, we’ll see more sellers come out of the woodwork since we need more supply. Also, get ready for those bidding wars!
If you have any questions about our market or real estate in general, please reach out to us via phone or email. We would love to help you!