Tight inventory in the Phoenix metro real estate market continues.
We typically see a slow down in residential real estate this time of year. This is not only true in the Phoenix metro market but across the country. We have seen a slight increase in listings but not enough to balance out the demand. Tina Tamboer with the Cromford Report states that a market frenzy takes place when more listings go pending then go active. On Tuesday 10/30/19, in the southeast valley, there were only 66 new listings and 90 went pending. Only looking at a one day snapshot doesn’t show the whole story. The day of the week matters. Mondays and Tuesdays we see more properties go pending and Thursday and Friday we see more properties hitting the market. As it stands, looking at a full week, though, Friday 10/25/19 through yesterday, Thursday 10/31/19 we had 598 new listings with 638 going pending in the same time period. These numbers are for the southeast valley. We can clearly see that pendings are outpacing new listings. This will continue pushing up prices and making things a bit tougher for buyers, particularly those looking under $350,000.
Sarah Perkins is an award winning account executive and has been in title sales since 2004. As the Director of Industry Research & Senior Account Executive, Sarah’s role is to bring real estate transactions to Navi Title. Sarah supports her clients by helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today’s home buyers and sellers.