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Putting More Equity in Your Pocket
The numbers are out, and the Phoenix Metro real estate market is going strong! Sales are up 13.8% over last month and are 5.6% higher than last year’s sales. Housing inventory numbers for new and total inventory were up, but inventory remains low with only a 2.43 month supply of homes. Home prices have also increased in the past year, with the average sales price up 5.6% and the median sales price up 6.3%. Days on market have continued to be consistent for the last quarter and is currently at 69 days on market.
For the first time in 2019, we saw a year-over-year gain in sales volume, the second highest sales volume on record. Lower interest rates and higher loan limits are helping the market lift. Based on the current activity, we also expect strong sales numbers for May.
Another factor for a strong real estate market is that Phoenix was named as the top destination in the country according to a recently published Redfin Migration Report. More than a third of people searching for homes last quarter were from out of town. Many are coming from California and expensive cities from other states, for our low cost of living and great ... more
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