New year, new market?
As we enter the new year, the Phoenix real estate market continues to evolve, presenting opportunities and challenges for buyers and sellers alike. Let's delve into the latest insights from January 2024 to understand the current landscape better.
Sellers' Confidence on the Rise
One notable trend is the increased confidence among sellers, evidenced by a surge in new listings. Over the past four weeks alone, 8,278 new listings have hit the market, marking the highest total since October 20, 2022. This represents a significant 16% uptick compared to last year's period.
Balancing Act: Supply and Demand
Despite this influx of new listings, the market remains balanced, with both supply and demand experiencing simultaneous growth. The question on everyone's mind: Will demand or supply take the lead as we venture into February?
Active Listings Show Signs of Life
As of January 28, the number of active listings without contracts has surpassed 16,000 once again. While this figure still falls below the norm for a robust market, it marks a slight uptick from the low point of 14,593 observed at the start of the year. The steady flow of new listings has contributed to this rise, with approximately 4,000 homes closing each month.
Rising Demand Amidst Supply Growth
Meanwhile, demand continues to strengthen, with a notable 43% increase in listings under contract over the past four weeks. This surge in demand has fueled optimism among industry experts, who anticipate a peak in active supply levels followed by a gradual decline as we transition into February.
Looking Ahead
As we navigate the evolving dynamics of the Phoenix real estate market, one thing remains clear: adaptability is key. Buyers and sellers alike must stay informed and agile in response to shifting trends and market conditions. Whether you're considering listing your home or embarking on the journey of homeownership, partnering with a knowledgeable and experienced real estate professional can make all the difference.
Data provided by The Cromford Report