How the Elections Will Affect the Phoenix Market

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I’ve been asked a lot recently about the presidential elections and how they are going to affect the real estate market. Every four years I see similar patterns, so I wanted to share them with you so you can be prepared.

The first thing I notice is that in the months leading up to an election, a lot of people adopt the “wait and see” mentality to buying and selling. However, I do think that the 3rd quarter of 2016 will be our strongest quarter of the year even though some people will be waiting to see what happens.

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Every four years I see similar patterns.

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Normally, everything will soften after an election. If you’re looking to sell, I think the time is now. By taking advantage of the market now, when it’s hot, you are protected from the inevitable softening we will see run from the fourth quarter this year all the way into next year.

If you have any questions, feel free to call me. I would love to hear from you!

The Phoenix Market Mid-Year Review

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Selling a Phoenix Home? Check out our FREE Home Value Report

Have you been wondering about what has been going on in our real estate market? If so, you’re in luck. We’re here to give you a mid-year review of the Phoenix market. Ever since February, we have been gaining momentum each month. Now we’re in July, already halfway through the year.

Right now, we’ve got less than a three-month supply of homes in Phoenix. Anything under five months is considered a strong seller’s market. Our average days on market in Phoenix is only 55 days, and our average list-to-sale ratio is coming in at 97.5%. Buyers are having to put in strong offers to get them accepted.

These are just general averages for the Phoenix market as a whole. Each area has different numbers, which we will demonstrate now by showing you the averages from three different areas of the Phoenix market.

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We’ve been gaining momentum since February.

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The average days on market in Phoenix is 65. There is a two-month supply of homes, and the average sales price is $289,000.

Scottsdale has an average days on market of 118, with a five-month supply of inventory and an average sales price of $650,000.

Paradise Valley is more of a luxury market, and has averages of 185 days on market, 13 months of supply, and a $1.6 million average sales price.

If you’re curious as to what’s happening in your specific segment of the market, give us a call or send us an email and we would love to give you some numbers. We look forward to hearing from you!