The Phoenix Real Estate Market has been picking up and improving for the past year. Average Price per square foot was steadily increasing in the City of Phoenix.
Homes for Sale in Phoenix were not staying on the market for long, including bidding wars as well as Phoenix Home owners receiving lots of the offers in less than 24 hours when the home goes up for sale.
Unfortunately, in the past few weeks everything seems to be slowing down in the Phoenix Real Estate Market.
Homes are staying on the market much longer, the odds of Selling your Phoenix home seems to reducing but there is still a good chance, a little bit over 50% on the average.
The Phoenix Real Estate Market was doing well until the Government Shut down occurred.
Some of the factors that could have affected the slow down included furloughs and home mortgages such as FHA, USDA and VA Loans involving federal government which could not be processed during the shut down.
Your Chances of Selling Your Home in the Phoenix Real Estate Market.
In October of 2013, the average probability of Selling your Phoenix Home as a regular sale decreased to 59% from 71% in September across all price points.
November is halfway through and Phoenix is seeing a 55% chance of selling your real estate property. This is still a good chance because it's over 50%
Even HUD homes, which have had a higher chance of selling than any type, have been affected.
That is good news for investors, because they will have a chance of buying the home after the wait period set aside for owner occupants expires for a HUD Home.
How about the Price per Square Foot of Sold Homes in the Phoenix Real Estate Market
The price per square foot has been steadily increasing but Phoenix is no longer seeing the sharp increases, just a steady increase in price per square foot.
Halfway through the month of November, the price per square foot of homes sold in Phoenix so far has decreased from that in October, but we still have about 2 weeks till the end of the month.
Hopefully that will change course.
Has Inventory Been Affected in the Phoenix Real Estate Market.
With more homes staying on the market much longer, the inventory has increased, increasing the number of months it will take to sell the number of homes available for sale in Phoenix.
The number of homes available for sale in the Phoenix Market has been steadily increasing since the middle of the year.
This is good news for Home Buyers because they have more choices and Sellers have to step up to have their home sold.
This update is based on City of Phoenix real Estate Market, for surrounding cities such as Scottsdale, Tempe, Chandler, Gilbert and Mesa, please email the author Dorette Oppong-Takyi, a Real Estate Professional in Phoenix or call her on 480-442-0779.