It's been exactly 2 months since I posted "ARMLS: 16,586 Active listings in Maricopa County (and Falling?)". Since then, active listing counts decreased by nearly 1,000 (5.8%).
But why should I care? What does this actually mean?!
Let's consider simple economics, assuming conditions stay unchanged for the next 6 mos:
- If supply continues to decreases and demand increases, prices will also increase
- If supply continues to decrease, even if demand stays the same, prices should rise modestly
Let's take a look at buyer demand for real estate:
Demand has been pretty flat for the last few months, but note the trend upward since about Feb. 2014.
Let me break it down for you:
- Buyers- it's not getting easier to buy a home. Plan ahead and keep your prequal updated. Do something sooner than later so you don't have to compete with snowbirds, who will be here in about 2 mos.
- Sellers- spruce up your home and get it ready to sell- the market is saying that it's ready for you.
Whatever you decide... be prepared and contact me to represent you so you'll have a sound plan and agent ready to execute! I'm only a call away!!
Gains Starting to "Trickle Up: in Phoenix & Scottsdale Real Estate
Mid-year Stats Show 2015 is a Good Year for Phoenix Real Estate