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ExecElite Private Client Group powered by Denise van den Bossche

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Metro Phoenix Real Estate Market Update January 2019

(Published on - 2/1/2019 7:19:28 PM)

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As we enter the new year, the market continues to favor sellers.  Not nearly as much as it did at the beginning of 2018, but it is still considered a seller’s market. Supply is about the same as last year, 34% below what is considered normal. The difference is that BUYER demand has decreased, mostly due to the rise in home prices. Affordability has become the main complaint of potential buyers. Buyer demand is still 13% lower then where it should be.

Single family homes appreciated 8.1% in 2018. The cost of renting also increased, by 8.6%!

We expect prices to continue to rise, at least through the first part of the year, at a slower rate than 2018.  Interest rates seem to have stabilized, (keep in mind rates dropped as low as the beginning of last year 2 weeks ago), but will continue to slowly increase.

What this means for sellers is that it’s still a good time to sell. There is still more demand than supply and depending on the price point, it is still a good seller’s market.

For buyers moving from a rental, owning a home with a fixed rate mortgage will stabilize monthly housing costs. There is less demand this year than last, and chances are you won’t have to compete with other buyers. It’s still a good time to buy.

If you’re thinking about making a move, please speak with your trusted advisor, and that’s me, Denise van den Bossche with Realty Executives in Scottsdale! Call me at 602.980.0737 for stats in your specific price point or area of town! We can provide a no-obligation home evaluation within 24 hours!

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