If you need assistance, please call 602-323-4776

What Is Going on in the Phoenix Market?

Thursday, March 5, 2020   /   by Kevin Kauffman

What Is Going on in the Phoenix Market?

Looking to buy a home? Search all homes here
Looking to sell your home? Get a free home value report

As we enter March, let’s take a look back at what happened in February in our Phoenix real estate market. February continued to show that we have a very tight inventory. These are actually some of the lowest inventory levels we’ve seen in the last decade. 


There just aren’t enough people who want to sell their homes to meet the demand of those who want to buy them. Builders are building as fast as they can, but more and more buyers are getting priced out of the market and left behind.


Another thing we’re seeing is that iBuyers are struggling to buy homes as well because of this low inventory. 


One interesting thing that we saw last month is what’s happening in the luxury price points. Homes above $800,000 are seeing 50% year-over-year increases in home sales. Apparently, people have more money to spend on homes in early 2020 than they did in 2019. 


The low inventory might be pushing buyers up to price points that they can afford but don’t necessarily want to buy in. There have been 34 $3 million+ home sales so far in 2020, versus 16 of these home sales in the same period in 2019. 


It doesn’t matter which segment of the market you’re in, it's tight and competitive.


If you have questions for us about your situation or anything else related to real estate, feel free to reach out via phone or email. We would love to hear from you.

 
 
 
© 2020 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Kevin Kauffman & Fred Weaver - denvermetrohomesource.com are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. September 19, 2020
This site powered by CINC: www.cincpro.com