Yep, it’s that time again. Another month has passed and we have some new Market numbers to look at. There is a small change to the look of my updates. You will now notice a small arrow next to the stats showing if there was an increase or decrease over the same month in 2019. **An important note regarding this year-over-year metric, it’s not overly important what happens compared to one month. Overall we want to consider how we are looking each month over the year, so don’t panic if you see one metric go backward for only one month.
A few highlights for this month’s stats:
The Cromford report has shown us that we have an increase in average home values of 14.3% so far this year. That is HUGE. To give you an idea for comparison, the overall 2019 increase was 3.89%
Also according to The Cromford report, buyers can afford 10% more home this year than last due to the lower interest rates. This translates to an average of $32,000 more in buying power!
Looking at some of our major East Valley cities, our inventory is still really low; sitting at about a 1 month supply. The chronic low inventory is keeping us in a Seller’s Market.
Sellers Take-away – if you have been on the fence about selling, now is the time to jump into the market and get your home sold.
Buyers Take-away – Don’t let the lower interest rates pass you by. Take advantage of them and get more home for the monthly payment. Even though we have a low inventory and are seeing multiple bid situations in many sales, it is not impossible to get the home you want. *See my previous post on how to structure your offer to win a bidding war.
As always, I’m here to answer any specific questions you have regarding the market, your area, neighborhood, or real estate in general.