July 2015 Monthly Market Report
Click on the image below to access July's Monthly Market Report for the Phoenix area. As you can see by the numbers we are still in a very strong market. Although not reflected in the report, Phoenix's West Valley continues to be a popular area for buyers.
Housing inventory remains low and it dropped slightly again in July. Sellers with homes that are move-in ready and priced correctly are getting multiple offers on the very first few days of being Active. We have seen gradual gains in home values and are expecting this trend to continue. Although inventory is still low, pricing has remained relatively stable for over a year now, so it is important for sellers to price their property correctly if they want to sell it in a timely manner.
Interest rates recently dropped slightly in July, and with the increased talks of interest rates going up, now is still a very good time to buy. Although we are leaving our peak season, buyers should be prepared to face some competition for the more desirable homes on the market. It's even more important than ever to make sure you are qualified for a loan and ready to go before you find your perfect home!
If you have any questions about our market, please do not hesitate to call or e-mail and I would be more than happy to assist!!