Phoenix Ranked as Top Seller's Market

By
Real Estate Agent with Success Real Estate Group/Apartment Source

Phoenix Real Estate

According to Zillow.com, the Phoenix and Scottsdale real estate market has ranked as the #5 Seller's Market in the country. It is typical to see homes selling within the first 24-48 hours, with multiple offers, and above list price right now in the Phoenix area. This gives Phoenix sellers power to choose which offer and buyer they want to move forward with. Price cuts are sparse and upward pressue on pricing is strong.

Zillow analyzed data on sale-to-list price ratio, number of days listings spent on Zillow and percent of homes on the market with a price cut, and ranked the 50 largest metro areas to determine whether buyers or sellers have more negotiating power in a given market. In this analysis, a sellers’ market is a market where sellers are more likely to sell their home for close to or above asking price and where listings spend less time on the market.

“It’s refreshing to see some markets swinging back in favor of sellers, with asking prices being met and listings spending fewer days on market,” said Zillow Chief Economist Stan Humphries. “The housing recession has been long and rocky, and we’re seeing more balance during this summer selling season. Of course, many markets are still firmly in favor of buyers, and we expect that to continue until the recovery takes more of a hold nationwide.

“It may seem counterintuitive that some of the best markets for sellers are those that have seen the largest price drops since the housing recession began.

Comments (1)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

We are definately seeing that now with low inventory and prices going up.

Jul 26, 2012 09:46 AM