The Hardest Working Agent in Arizona

Feb 26 - Supply is stronger than it was this time last year. It is likely to increase further in 2024 because the number of single-family building permits issued in January was 2,720 across Maricopa and Pinal counties. This is up a massive 147% from January 2023 when we counted only 1,102. The home builders appear to be in an ebullient mood. This is in growing contrast to the re-sale industry which is still struggling with low volumes and weak demand.

The January 2024 count is the highest monthly total since May 2022.

Feb 23 - At the start of the year we were hoping that sales volume would have turned around by now and be starting to climb as the Spring season got underway. This is unfortunately not happening yet. The latest reading for the annual closing rate is 72,223 across all areas & types. This is down from 72,359 a week ago and 72,448 the week before that. Not encouraging.

There are a few segments that are seeing some growth, but even in the City of Phoenix, we have dropped below 10,000 single-family closings per year for the first time since 2008.

Concise Daily Market Snapshot

The table below provides a concise statistical summary of today's residential resale market in the Phoenix Metropolitan Area. 
The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions recorded by ARMLS are included. 
All dwelling types are included. For-sale-by-owner, auctions, and other non-MLS transactions are not included. Land, commercial units, and multiple dwelling units are also excluded.

Why Today's Housing Supply is a Sweet Spot for Sellers

Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why.

An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:

Here’s a breakdown of how this benefits you when you sell.

1. You Have More Options for Your Move

Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.

So, if you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.

2. You Still Won’t Have Much Competition When You Sell

But to put that into perspective, even though there are more homes for sale now, there still aren’t as many as there’d be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won’t be solved overnight. As a recent article from Realtor.com explains:

“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”

For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast.

Bottom Line

If you're a homeowner looking to sell, now's a good time. You'll have more options when buying your next home, and there's still not a ton of competition from other sellers. If you’re ready to move, talk to a local real estate agent to get the ball rolling.