The seller’s market is weakening and will become more balanced.
Today I’m talking about how the seller's market in Phoenix is weakening. I have some interesting information to share with you. We've been in a low inventory market for a long time now. We still have 75% less than normal for our listing inventory but, we're starting to see things shift. We've had an increase in listing inventory of 24% since February. What's really interesting is that between the price points of $400,000 to $800,000 that increase is over 65%. That’s an indicator that the market is starting to change.
Based on the statistics we have today, we can predict that at this trajectory, we should be about 15 months away from the market changing and becoming more balanced. We can even break that down by city. If things were to stay the same as today, in Gilbert we would be looking at November 2021 for things to balance out. If you're interested, make sure to call us and we can provide you with the information about your city.
If you're thinking about selling, this is your window of opportunity.
”Another indicator of market slowdown is price reduction. We've seen prices reduce by 64% since February. We are also seeing 40% more single-family permits, so we have more availability for homes.
If you're thinking about selling, this is your window of opportunity. Call us and we can provide you with a detailed market analysis and statistics on what's happening in your area. We are here to service any of your real estate needs. Have a great day.
