Over the last 30 days in the Phoenix real estate market, we’ve seen a 9.5% increase in new listings compared to last year. We’re also seeing about 21% fewer homes available for sale than at this time last year. The number of sold homes is up 5% in the same period. This is telling us that there is an extremely strong demand for homes right now.
Several factors continue to fuel the strong demand, from low interest rates to more and more people moving to Arizona from places like California, Washington, Oregon, Illinois, New York, and New Jersey. With the way that the market has changed and the increased ability to work from home, a lot of people are choosing to move to Arizona and purchase a new or second home with exceptional affordability due to low interest rates.
If you’ve been thinking about selling your home at all, now is a fantastic time. The market’s on fire and conditions couldn’t be better for you. If you have any questions about how to get the process started or any other general real estate questions, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.