Right now, there are 15,986 single family detached homes for sale in Maricopa County. That’s an increase of roughly 77 percent off of this year’s lows.
That’s a huge jump and it doesn’t bode well for those looking to sell as there’s far more competition now than there was even three months ago.
In October, there were 4,544 closed sales of detached homes as recorded in the Arizona Regional MLS (all data deemed reliable but not guaranteed, your mileage may vary, not available in all locations, check your local listings for details.)
Last October, there were 5,245 sales with fewer homes actually available. In fact, this is the slowest October since 2008.
That bodes well for buyers who are tired of bidding wars, assuming they haven’t surrendered entirely. Which they shouldn’t have.
Our market now isn’t the market we had this summer. Those who have been holding on for an extra few percent are going to have to keep holding on for a while longer.
The median sales price for October as recorded in ARMLS was $208,000 – this will be different than what ASU reports as their methodology is a bit more complete. In September, it was $213,000.
Take that with a grain of salt. Home values aren’t really falling precipitously but the opportunity to stretch prices higher largely is gone.
Want to know where you stand either with your home or the home you want to buy? Call me at 602-502-9693 or e-mail me at firstname.lastname@example.org.
And do it today. Tomorrow will be different.