Act Accordingly

More Homes…More Homes…More Homes! Our inventory continues to rise…the number of sold listings are down when compared to last month AND last year. Buyers have options these days and they are taking advantage of that!

For Sellers – getting under contract is a big deal these days…and being able to close the deal is even bigger. Every seller is different so Act Accordingly…but it is important to note that buyers have options these days and they are making that known!

For Buyers – with the continuing rise in inventory AND the higher mortgage rates (we did not see a dramatic/sustained drop in mortgage rates) you have plenty of options to get most of what you want when it comes to buying your next home…I would also say Act Accordingly!

Here are the basics - the ARMLS numbers for September 2024 compared with September 2023 and the month prior (August 2024) for All Areas & Types:

Active Listings: 19,461 versus 13,245 Last Year - and 18,329 Last Month
Under Contract Listings: 6,801 versus 6,240 Last Year - and 6,484 Last Month
Sold Listings: 5,333 versus 5,431 Last Year - and 5,614 Last Month
Median Sales Price: $440,000 versus $430,500 Last Year - and $440,000 Last Month
Median Days On Market: 52 versus 37 Last Year – and 52 Last Month

As of 10/8/24:
Mortgage Rates – FHA 6.12%, VA 6.15%, Conventional 6.62%
Arizona Inventory – Almost 20,000 Homes For Sale (per ARMLS)

Thought Of The Day…
This Arizona weather is allowing me to keep a surprisingly good flip-flop tan on my feet…given that we are in October!