What's Happening in the Phoenix Market?

Thank you for joining me again! It is 115° in Phoenix today and buyers are still out looking for homes. The year is halfway over and I wanted to give you a market update!

There are multiple market segments in the Phoenix area and all have inventories of just around two months. A balanced market has a three to four month inventory. So it is still a strong sellers’ market today. Below are just a few of the market segments’ supplies:

East Valley: 1.7 months

Desert Ridge: 1.4 months

Northwest Valley: 2 months

Peoria/Glendale: 1.6 months

Southwest Valley: 1.8 months

I also wanted to tell you about the absorption rate. The absorption rate is the percentage of sales that sell each month. The higher the percentage, the more of a sellers’ market it is. Certain areas of town have very high absorption rates, they are:

East Valley: 58%

Desert Ridge: 70%

Northwest Valley: 51%

Peoria/Glendale 63%

Southwest Valley: 57%

What does this all mean? It is still a very strong sellers’ market. So now is the time to sell your home! Give me a call at 602.413.8195 so we can get started on putting your home on the market! Or send me a quick email Monique@moniquesells.com if you want information about your neighborhood!