Arizona Is A Buyer’s Market!

In Arizona, our real estate market now favors buyers. A consistently increasing inventory of homes for sale, and higher mortgage rates are both contributing factors.

For Sellers – Your competition continues to increase! How do you stand out and give yourself THE BEST chance to sell your home successfully? That is the million dollar question these days. I’d suggest that your home is priced properly, your home is clean and in good condition, is always show-ready and make sure your home is being marketed and advertised appropriately! Remember…the competition is fierce and buyers have many homes to choose from!

For Buyers – Simply put, this can be a very good time to buy a home! You have a very good chance of getting seller concessions/credits from sellers that can help you keep some cash in your pocket!

Here are the basics - the ARMLS numbers for January 2025 compared with the Month Prior and the Last Year January 2024 for All Areas & Types:

• Active Listings: 22,231 versus 19,465 Last Month (Last Year 15,297)
• Under Contract Listings: 7,012 versus 5,223 Last Month (Last Year 7,177)
• Sold Listings: 4,578 versus 5,475 Last Month (Last Year 4,319)
• Median Sales Price: $450,000 versus $450,000 Last Month (Last Year $430,000)
• Median Days On Market: 64 versus 57 Last Month (Last Year 54)

As of 02/12/25:
Mortgage Rates – FHA 6.52%, VA 6.54%, Conventional 7.13%
Arizona Inventory – Over 22,000 Homes For Sale (per ARMLS)
Days On Market – 64 days currently (per ARMLS)

Thought Of The Day…
This last football season flew by!