This is the million-dollar question…no one can say for sure however (remember last week?) the speculation points to a few things. A common theme when I talk to clients and prospective clients are mortgage rates…and we know these have been coming down recently with EVEN MORE mortgage rate drops on the horizon AND sales prices have not gone down. Our market is stagnant but strong!
If you are a stats person, look below. Two things stick out to me…the rising inventory AND the year over year increase in sales price. I have heard my fair share of “the market is going to crash” and I have heard this for the last couple of years…IT HAS NOT HAPPENED!
Buyers – it is such a wonderful time to buy because you have so many homes to choose from AND lower mortgage rates will give you the flexibility to buy NOW at current prices.
Sellers – if selling your home is a goal of yours act now so you are ready when (hopefully) we see more mortgage rate drops.
Market Summary for the Beginning of September 2024
Here are the basics - the ARMLS numbers for August 2024 compared with August 2023 and the month prior (July 2024) for All Areas & Types:
- Active Listings: 18,327 versus 11,729 Last Year - and 17,318 Last Month
- Under Contract Listings: 6,566 versus 6,867 Last Year - and 6,753 Last Month
- Sold Listings: 5,612 versus 6,113 Last Year - and 6,059 Last Month
- Median Sales Price: $440,000 versus $435,000 Last Year - and $440,000 Last Month
- Median Days On Market: 52 versus 38 Last Year - and 49 Last Month
As of 9/13/24: Mortgage Rates – FHA 5.68%, VA 5.69%, Conventional 6.14% Arizona Inventory – Over 19,000 Homes For Sale (per ARMLS)
Thought Of The Day… My 15-year-old is turning out to be a pretty good driver! We are about 6 weeks into practicing, and I think I have only cussed a couple of times!
