We’re now in the second half of 2019 and it’s time for a midyear market update. I’ve got a few things to share about what’s been trending lately and what we think is coming in the future for our real estate market.
We saw 7,896 sales in June, which is down from what we saw in May, but up year over year. Normally we trend upwards in this time of year, but we’ll explain why we think this is happening later.
Pending properties, or properties that are already under contract, sit at 7,762. This is also down from last month but up for this year. As far as active listings are concerned, we have 13,433 right now. That number is down both month over month and year over year.
Our sold price per square foot currently sits at $172 as of the end of June. This is up from last month and up from last year.
Days of inventory is also an important figure to look at. Currently, our average is 53 days in Phoenix. This number is also down month over month and year over year.
What does all of this mean for you? Well, obviously we can see steady home appreciation which is good news. However, the challenge that we’re continuing to see is our decreasing inventory. We still have people that want to move here, but we don’t have enough houses to put them in. Homes are selling fast, but there just aren’t very many of them for sale.
We’re not in a balanced market by any stretch of the imagination. If you’re a home seller, this is the kind of market you want to be in. We’re seeing healthy appreciation right now. However, if your home’s price and condition aren’t up to snuff, buyers won’t just buy it because it’s available.
As a buyer, know that the low inventory might cause you to compromise a bit on what you want in a home. You might need to take a more calculated approach.
If you have any questions for us about buying a home, selling a home, or anything else related to real estate. I look forward to hearing from you soon. We’d be happy to offer a complimentary, no-obligation evaluation for your home. We look forward to hearing from you soon.