Phoenix Metro Area Market Update – October 2019
Just as we’ve seen in the previous months, the median sales price for the greater Phoenix area continues to rise for the month of October. This rise is largely attributable to the continuing shift in available inventory from lower priced homes to luxury homes. While available inventory for moderately priced homes continues to shrink significantly, the inventory of luxury priced homes is still very healthy.
This shrinking low-end inventory, combined with the growing high-end inventory, is driving much of the increase in our median price. The median price is up 7.5% from this time last year to $279,500, while the total number of “Active Listings” is 13,755, down 18.2% year over year.
Mortgage rates continue to be accommodative, with last week’s 30-year money at 3.57% with .6 points. These rates are down 0.08% since the week prior and down 1.33% year over year (Freddie MAC 10/12/2019).
Both buyers and sellers should be aware that the rate forecasts have recently become less firm. According to the minutes of the most recent Fed meeting: “The Market may be expecting more rate cuts than the Fed will deliver, meeting minutes show.” (CNBC 10/9/2019)
What does all this mean for today’s buyers and sellers?
In the current economic and policy environment, short-term rate predictability has become less certain, and buyers and sellers might want to take this information into consideration when choosing when to buy or sell.
As always, it is recommended that both buyers and sellers do their homework before purchasing or listing property and get advice from a real estate professional 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.
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 April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!
United Brokers Group
21321 E Ocotillo Rd F113
Queen Creek, AZ 85142