Phoenix Arizona Real Estate Market Update January 2019
January 2019 typically marks the beginning of the busy season in the Phoenix Arizona real estate market. For 2019, we are starting the New Year with one of the lowest available resale inventories that we’ve seen in a long time, and the last two weeks of December 2018 showed an even more noticeable drop in both buying and selling activity. In December 2018, listings under contract were down 15.9% year over year and closed sales were down 6.7% year over year. Now that the holiday season has passed, we should start seeing an increase in resale inventory.
For the past 3 years we have seen an approximate 70-90% rise in the number of contracts during the first 4 months of the year. However, sellers need to be aware that based on current data, today’s buyers are much more selective, and there is a lot of competition in the market from new construction homes. Although we are still in a seller’s market (slight seller’s advantage), homes will need to be even more “move-in ready” and priced appropriately to sell quickly.
On the interest rate front, 30-year mortgages were 4.51% with .5 points (Freddie Mac, January 3rd), down .004% from last week, but up .56% from this same time last year. However, rates have been declining since mid-November 2018 when they peaked at 4.94%. Based on current forecasts, Freddie Mac expects rates this year to stay below 5.25%, historically still very affordable.
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