Phoenix Real Estate Market Update Transcript
Welcome back to a another episode of Market Updates with AZ Digest. My name is Jeff Buettner with the real estate team, COR consultants we're the ones that run azdigest.com. We appreciate you listening. As always, if you enjoy the podcast, please don't hesitate to like, subscribe, leave us a review. And if there's anything we can do to help you with real estate in the Phoenix area, please don't hesitate to find us at AZdigest.com or yourCORconsultants.com. Today, we're going to talk about the Phoenix metro area. And a couple stats that kind of stand out. We've talked a lot in previous weeks and months about kind of supply and demand, right. And we're still seeing some shifts in that. And that can mean different things if you're looking to sell, or if you're looking to buy in the Phoenix metro area. So let's jump into it. The first kind of number I want to point out is active listings. So this is active listings in the Phoenix metro area, as of yesterday, so Today is November 18. As of yesterday, November 17, we saw about 13,500 active listings in all of the Phoenix metro area, this number is down from about 14,300. Last month. So in terms of supply, we're seeing a reduction in that supply, which means if you're a buyer, things might get a little bit tougher for you if you're looking to buy a home. And if you're a seller, right, we're still in that hot seller's market where if you listed your home today, you if it's priced right, you'll probably get a decent offer rather quickly. Okay, so supply is down. And there's another kind of reason for that, right. And so the other thing I wanted to pull up was kind of pending listings. So usually we have active homes, homes that are actively in the market, they don't have a contract yet. And then there's like a pending status, or, which is a little bit different than under contract, but they're both very similar. But both of these numbers are up from last month. So we have about 5400 under contract homes. And that's up from 5200. But 8000 pending listings, which is up just ever so slightly from just under 8000. Last month. So not only do we have a reduced number of active listings in the Phoenix metro area, but the number of homes that are under contract is we're seeing that increase, right, so we're seeing that demand is being sustained if not increasing some. So again, if you're a buyer, this might make things tough for you. And if you're a seller, we're still in that hot hot market. And then the magic number we've talked about, and we've explained a ton lately, month supply, so month's supply is the number where if we don't list any more homes in the Phoenix metro area, how long in months would it take for us to sell out of our inventory. And as of today, our month supply in the Phoenix metro area is 1.3 1.3 months. And that is down from 1.5. Last month, so that month supply numbers a real good indicator kind of in total, right? What does that supply and demand look like? And how is that affecting our market. So a 1.3 months supply down from 1.5. Again, just all signs pointing to this being a tough time for buyers, if you're looking doesn't necessarily mean it's a bad time to buy, but it just be tough. A lot of competition multiple offers on any home or listing you're looking at. And if you're selling again, and you need to move now, you're you're gonna get some you're gonna get some traction if your home is marketed right. And if your home is listed, right. Okay, guys, I hope this was helpful. With any of our podcast episodes, you can go to the show notes, click on the link you can see this the charts, the numbers we have, you can see videos and transcripts of these episodes. Again, if you liked it, please like subscribe, comment and if there's anything we can do to help you out, buy or sell real estate in the Phoenix metro area. Please don't hesitate to reach out to us. Az digest calm. Again. I'm Jeff Buettner, from core consultants, co our consultants, and we're here to help you with anything you need. So thanks again and until next time, thanks for listening to market updates.
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