How's the real estate market in the Phoenix Metro Area? The market is starting to gain momentum! Here's a Market Snapshot for March 2018.
Important stats:
- Active listings are down 3% from February and down 15.4% since last year.
- Pending and Sold Listings both increased from last month.
- The average days on market have decreased 4.1% from February.
- The average sales price has increased 2.9% since last month and 9.1% from 2017.
What Sellers and Buyers Need to Know
Sellers
As expected, the market is starting to pick up for our peak season. Average sales prices increased slightly after taking a dip last month. With interest rates on the rise, the buyer pool will start to decrease. Remember, "pretty homes" sell faster and for more money...have your home in tip-top shape to secure the best offer(s) from potential buyers. My home selling process helps you get your home ready for the market, ask me how!
Buyers
Active inventory hit a 5-year low last month, and multiple offers are common. It is still considered a seller's market, so you will often get a good price or good terms but rarely both. Be prepared to write your offer accordingly to ensure you secure the home you want!
