Early May 2023 – Monthly Real Estate Market Insights

  • 9 months ago
Flex Realty of Arizona

Spring is here and normally this would be Prime Buying and Selling Season, however, it has been a mixed market as of late. It seems “normally” is not the word for this season! 

According to our PAAR year to year summary and sales, we have had a slight increase in the average sales price, but the actual dollar volume of sales has decreased.  

Why is this happening?  Well, we continue to have a relatively low inventory, which is helping to keep the prices of homes at a steady level, the interest rates are fluctuating so once they land at lower than 7%, home buyers have started making offers, generating little “pops” in our market.

What should we make of this situation?  Overall, homes  are staying on the market for a longer amount of time, however, the list prices of the homes are not decreasing by very much.  The big question I get more often than not is “should I sell my home now?”  or “Should I buy a home now?”  My answer is yes to both!  As I mentioned, the year over year sales prices have increased, but only slightly, and the inventory is still low.  If you are thinking of selling your home, now is an ideal time due to the low inventory and the amount of buyers who are not swayed until they find just the right home.  If you are interested in buying a home, keep an eye on the interest rates as they are fluctuating often.  Anything below 7% seems to generate a little excitement in the market.

As always, we are here to assist in your home buying and home selling experience.  We can be reached 7 days a week via phone, email, or text.  Give us a call and we are happy to guide you!

Until next month,

Terri Monksfield

Flex Realty

928-420-2961

[email protected]

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