Forget everything you are hearing about our Phoenix real estate market being in a slump.Yes things have slowed down from the previous couple years but don’t freak out, the market is just becoming balanced!
At the beginning of 2014 we started off with lots of inventory and now it seems we are coming up short on new listings which should hopefully increase come fall. We are just winding down from our hottest time of the year and I mean temperatures, so this is not unusual. After a significant increase in prices during the last few years, our prices we were bound to stabilize sooner or later and become more balanced.
Below is a chart that shows shows what is being called a 10-month slump for MLS annual sales, which doesn’t include foreclosure auctions or new home sales. However, it’s pretty clear that normal resales are not in the same slump, which is why many Realtors don’t feel the slowdown. It’s almost entirely in the distressed market, where investor buyers have left due to the lack of cheap distressed inventory to buy.
If you want to know more about what is happening in your neighborhood, you can call me at 480 888 6708 or drop me an email. I’ll get back to you asap.
