Arizona Real Estate Market Update Transcript

Hey everybody, my name is Jeffrey Buettner. Welcome back to another episode of Market Updates with AZ digest. Today we're going to be talking about the Phoenix metro area as a whole, right. So everything from Mesa, Gilbert, to Phoenix to Scottsdale to Peoria to Surprise. We're going to talk about it all in this update. So I've got a few stats to share with you. Ultimately, we've seen some of the numbers we've been tracking and recent episodes go down a little bit. And so we'll talk about how that has an impact on the overall supply of homes and what that means for you as a buyer, or seller. As always, just a quick reminder, guys, you can find this podcast anywhere you get podcasts, from Spotify, to Apple podcasts. And you can also check us out onAZDigest.com. Not only do we have these episodes in a variety of different forms, from the transcripts, to videos to a few other things, you can also search on their search for real estate without ever registering so AZDigest.com for that. So let's jump into the numbers. The first number I want to talk about is number of active listings. We've talked about this a ton in previous weeks. But ultimately the number is down a little bit. And so I think it's good for us to showcase it. So as of today, when I pulled these numbers, the Phoenix metro area had about 8300 active listings. Which is down slightly from about 8500 this time last month, right. So as we've talked about fewer number of listings is good for sellers. If you're looking to sell, you don't want a ton of competition out there. You don't want to have a ton of extra homes out there that people can see. If you're a buyer, right, less homes, makes it more difficult for you to buy something. If you tried to buy a house in the last six months, you know this right? And so we are still very much in a seller's market. We are still in a reduced inventory and this number of active listings isn't helping any right it is still going down. And it is reduced 8,300 active listings in the Phoenix metro area as of today, compared to about 8500 this time, last month. So let's talk about the next stat, which is sales per month, right? This is how fast are things actually selling? Well this number is down to. So if the number of listings being down hurts your case, right? This helps a little bit because sales are down to so we've had about our sales per month number as of today is about 9300 and it was 9700 this time last month. So we might just be seeing an overall kind of slowing of everything, which might be beneficial for you. Right. So that gives us to our final number. We've talked about this a ton in previous episodes. What is that month supply? Right? So month's supply number kind of figures out and kind of combines these stats are previously talked about. Which is active listings, how fast are things selling, that gives us a month supply number. Basically what that month's supply number is, is if no new homes hit the market, how fast we sell out of our current supply. And right now that number is 1.4. In previous weeks, we've seen this fluctuate a little bit. But compared to last month, it's actually exactly the same. It's still 1.4 this month, as it was last month. So not a ton of change even though we've had reduced number of listings, active listings and a reduced number of sales, that kind of even each other out. And we have a month supply of 1.4. So we're going to keep an eye on this. We're going to continue to update you and provide updates not only on this podcast but on AZDigest.com. You can also follow us on Instagram, @azcorconsultants. That's c-o-r consultants. And we appreciate you guys listening as always, please like and subscribe and we'll catch you next time.

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