October is here, temps are cooling off and the Phoenix real estate market is changing in October…again. Welcome to our October Phoenix Real Estate Market Update! In this month’s report, we’ll dive into the latest trends, statistics, and insights that are shaping the local housing landscape.
Phoenix October real estate market update
Steady October real estate market update?
The above image is from Altos Real Estate data showing week over week market data for Phoenix. And it basically shows that things are the same as the week before. I realize I posted this but it’s just 1 piece of data. While it is accurate it might not tell the whole story. I use this to just see in the current moment of time what is happening with the market. For our Phoenix October real estate market update, this dta basically says we are the same as the week before. That is a good sign!
But wait….there’s more!
Phoenix October real estate market update
Now we get a little deeper, comparing year over year. If you are like me and see this you are like what does it mean? Basically we are down year over year for listings for sale (which is a positive arguably), listings under contract (down substantially), and monthly sales price is down.
What does that mean? First, just because there are less sales doesn’t always mean that is bad. What could matter more is why there are less sales. There could be less homes for sale period. So of course there will be less sales. Thus, there are less listings under contract too. Am I saying that is all good? No. I am just pointing out that I love data, but even data has a backstory.
Some of the media will focus on fear and that we are down 35.1%. Don’t believe everything you hear or read.
Redfin has this great data for nationwide stats if you are curious about the national market.
Overall October Phoenix real estate market update-what is it?
Inventory is going up. Demand is dropping. Rates are up. Homes are taking longer to sell. Correctly priced homes in many cases are still getting multiple offers and some are selling above list price.
Where is the Phoenix market headed?
A year ago I thought rates would have come down in Q3 of this year. I was wrong. However, I think certain areas will remain stable or go up slightly. Others might see a little decline. Mid to end next year I think rates will come down, supply will decrease, and prices will rise again. Fox reporting that rates are rising again…
If you are a renter there’s the age old should you buy or rent? Here is an article I wrote about that.
Thinking about buying? If prices come down, you might encounter a higher interest rate (if you are a cash buyer it could be a better time). If you are selling-I will always stand by (if you are ready) now is a better time than later.
I’d love to hear what you think about the market. And if you are curious about selling your home, or looking to buy, send me a message, I’m here to help.
Blair