We've started to see that many of the experts were wrong in their predictions about the Phoenix real estate market post-election. Here's the scoop on what our market is actually experiencing.
Buying a Phoenix Home? Search all Homes for Sale
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Buying a Phoenix Home? Search all Homes for Sale
Selling a Phoenix Home? Check out our FREE Home Value Report
Much like the election itself, most experts were wrong in their predictions about the real estate market post-election.
We predicted a slower market and less buyer demand due to rising interest rates, but the reality is that we're in a strong, exciting, and dynamic market here in Phoenix. Looking back, 2016 was a better year than 2015 and we're going to have an even better year this year.
A few particular numbers show why our market is so dynamic and strong.
The monthly number of sold homes in January was 7,000, which is a 4% year over year increase. New inventory went up 6% above last year's inventory levels, and total inventory is up to 22,000 homes.
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Home values appreciated by 5.5% in 2016.
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The number of months of supply in Phoenix is at three months, making it a strong seller's market. The average time it takes to sell a house is running at 77 days.
Experts agree that mortgage interest rates will fluctuate between 4% and 5%. Additionally, foreclosure activity in our county has declined for seven straight years since 2009, which is wonderful.
Finally, home prices have appreciated 5.5% in 2016.
If you have any questions about the Phoenix market or you're looking to buy or sell a home, I'm here to serve you. Just give me a call or send me an email. I look forward to hearing from you!
