Supply Shortage Giving Buyers Headaches

West Valley and Southeast Valley in a Market Frenzy    

For Buyers:

It's extremely rough to be a buyer right now, especially for those looking for lower priced homes. While active listings are down 15% overall in the Valley, listings under 200K are down a whopping 30% from this time last year and declining, and active listings between 200K - 300K are down 10% and not rising. Properties under 300L comprise 70% of all year-to-date sales, making areas such as the West Valley and Southeast Valley the most frantic and competitive for buyers.

For Sellers:

March, April, and May are typically the most active months for buyer contracts and this year is not expected to be any different. Sellers are enjoying less competition for increasing demand, driven by more qualified buyers entering the market. While the total number of listings under contract is not increasing due to fewer homes for sale, contracts on listings between 200K - 400K are up 12% compared to this time last year and contracts between 400K - 800K are up 18%. Over 800K, supply and demand are near identical to last year's levels at this time.

If you're interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here -  Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise.

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