Buyer’s Market…but for how long??

In Arizona, our real estate market now slightly favors buyers. More inventory, and high mortgage rates are both contributing factors. As we get close to the end of 2024 and into 2025 I’m curious to see what the “usual” peak selling season brings to our market…will all of this pent-up demand jump-start our market? Will we continue to be in a buyer’s market…?

For Sellers – It is important, now more then ever, to be realistic about your home and what your goals are. Current inventory gives buyers their choice of what they are looking for, this includes LIST PRICE, seller credits, home upgrades, competition…how does your home stack-up?? You can still successfully sell your home…but again you want to be realistic with the goals you have in selling your home.

For Buyers – Simply put, CURRENTLY you have options…SEE ABOVE!

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

Active Listings: 22,339 versus 15,018 Last Year - and 19,467 Last Month
Under Contract Listings: 6,534 versus 5,796 Last Year - and 6,715 Last Month
Sold Listings: 5,708 versus 5,044 Last Year - and 5,356 Last Month
Median Sales Price: $448,000 versus $437,000 Last Year - and $440,000 Last Month
Median Days On Market: 52 versus 38 Last Year – and 51 Last Month

As of 11/15/24:
Mortgage Rates – FHA 6.39%, VA 6.39%, Conventional 7.05%
Arizona Inventory – Over 22,000 Homes For Sale (per ARMLS)
Days On Market – 52 days currently (per ARMLS)

Thought Of The Day…
I already miss the summer-time weather! I’m not built for the cold!