Phoenix Metro Area Market Update – February 2020

February 27, 2020

Phoenix Metro Area Market Update – February 2020

Resale home inventory in the greater Phoenix area has been shrinking for many months now, and February finds that the “for sale” inventory remains at historical LOWS!  In fact, the inventory of homes for sale has not been this low since 2001!

As of February 1st, Greater Phoenix inventory stands at 11,974, down 35.1% year over year.  Our monthly median sales price across all neighborhoods and home types is $289,900, up 10.6% year over year.  Our low inventory is driving much of our increasing sales prices, along with our great job market and continuing, very low interest rates.

Interest Rates

Current 30-year money as of February 6 stands at 4.45% (Freddie Mac, February 6, 2020), and rates are expected to remain low for the foreseeable future.  Federal Reserve Chairman Powell recently sent to Congress the written version of the Fed’s biannual update, which calls for a steady economy with little likelihood of any interest rate changes. (CNBC February 11, 2020)

What does all this mean for today’s buyers and sellers?

There is some puzzlement as to why home prices, although up significantly, are not rising even faster.  We will continue to closely monitor this trend and keep you updated as our very strong seller’s market continues to evolve.

That being said, sellers are firmly in the driver’s seat, and buyers will have to negotiate and compete very hard to find their dream home.

Sellers, check out my blog, Your Pre-Home Listing Checklist, for more information on how you can earn top dollar for your home. However, if you are in doubt about how much of this to do to get “ready to sell,” feel free to give us a call — we do this assessment all the time.

As always, work with a knowledgeable REALTOR® that you trust. If you have any questions at all about current market trends, please feel free to give us a call! To view the Phoenix Metro Area Market Update for last month, click HERE.

Contact Us…

We are full-time, experienced Realtors working in Queen Creek and the surrounding areas.  With decades of East Valley real estate experience under our belts,  we are here to answer any questions you may have.  Please do not hesitate to reach out to Karen Berg at 602.919.2375 or April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!

–Karen Berg and April Anderson

United Brokers Group
21321 E Ocotillo Rd E-111
Queen Creek, AZ 85142

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480.272.1977