Today we’ll be taking a quick look at how our current market affects sellers in particular.
The Phoenix market is still favoring sellers over buyers, but not as much as it was at the beginning of 2018. This year’s supply is 34% below normal—only slightly better than last year’s supply, which was 36% below the mark. As buyers face affordability issues and concerns about an overvalued market, demand continues to shift.
At this time last year, demand was 1% above normal. Now, it’s 13% below normal. Though it may feel like a buyer’s market when compared to the last few years, Phoenix is still very much a seller’s market—it’s just a little weaker than last year.
There’s still more demand than there is supply, but multiple-offer situations will no longer be the norm, and there will likely be fewer sales overall. Depending on interest rates, demand could change in either direction. As of now, though, buyers and sellers still have some good opportunities in the market.
If you have any questions or would like further information, feel free to reach out to me. I look forward to hearing from you soon.