Phoenix Arizona Real Estate Market Update February 2019
February finds our real estate market still leaning in the seller’s favor but with definite and continued movement toward a buyer/seller balance. Home supply is still below average, and demand for homes is well below this same time last year. That said, comparing to this same time last year, the number of active listings is up 10.6% and the monthly median sales price of$262,000 is up 6.9%.
Our continued price appreciation, combined with higher interest rates, naturally makes for less demand, and listings under contract are down 13.9% from last year. Many buyers are sitting on the sidelines, apparently uncomfortable with current pricing and interest rate uncertainty.
On the interest rate front, the Fed has recently announced that it will pause its planned interest rate hikes for 2019 and instead more closely monitor the U.S. and other world economies. The intent (according to Fed Chairman Powell) is to take into consideration any economic and market impact the rate increases might have. As a result, current rate hike predictions for this year have gone from 3-4 hikes down to one or none. (Freddie MAC, January 29th 2019)
If you are looking to sell your home in the East Valley, then I would be honored to represent you and guide you through the process from listing to closing! New inventory is down, which means this is the perfect time to put your home on the market.
If you are thinking about buying a home in the East Valley of Phoenix, and you are uncertain about entering the real estate market right now, please don’t hesitate! Interest rates are still at historic lows and it is still a great time to buy a home!
Want to take a peek at homes for sale in Gilbert, Chandler, Mesa, Queen Creek and beyond? Look no further than the FREE home search tool on my website, it is easy to use, and it is reliable and provides real-time data as compared to many of the other home search websites out there like Zillow/Trulia and Realtor.com which are consistently unreliable.
I am an experienced, local Realtor serving the areas of Gilbert, Chandler, Mesa, Queen Creek and the surrounding communities in the East Valley. It would be my honor to assist you on your real estate journey and help you to navigate the process of buying and selling Arizona Real Estate. From start to finish, I will be there to support you, answer your questions and calm your nerves at times too!
Keely Semon, Realtor®
East Valley Real Estate Specialist
United Brokers Group