Two days ago, when discussing the state of the Phoenix market with a past client, there were about 12,500 detached homes for sale in Maricopa County.
At the end of August, there were 11,613 homes for sale.
As of this morning, there now are 12,709. For those who like percentages, that’s a 10 percent jump in inventory in the past 20 days.
Since September 1, just over 4,200 homes have come onto the market.
Three weeks later, more than 3,400 of those homes still are on the market.
Three weeks doesn’t sound like a long time and, in fact, it’s not. But compared to the activity seen for most of the past 18 months, it’s comparatively an eternity.
Inventory is rising. Buying activity is slowing down. Selling a house, never an easy task despite appearances, is getting harder.
Many sellers are waiting to see what happens down the line. Could things speed up again? Possibly, if interest rates don’t go too high and if inventory stops climbing as quickly as it’s climbing right now.
Would I personally take that gamble? Not so much.
If you’ve thought about selling, pick up the phone or type out an e-mail. The Phoenix market is cooling off faster than that cup of coffee on your desk.
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Speaking of moving, take a look at some homes in Dreaming Summit in Litchfield Park. Heads’ up … you’re within hearing distance of the runway at Luke Air Force Base but, if you’re like me, it’s hard not to watch admiringly as those F-16s fly by.
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