Hola, Phoenix Real Estate Enthusiasts!
As we dive into the summer heat, it’s hard not to think of the late, great Stuart Scott. He described things as being “as cool as the other side of the pillow,” and that’s exactly what our Phoenix housing market feels like right now. While the temperature outside is rising, the latest ARMLS May data shows our market is remarkably cool. Here’s a look at what this cool trend means for buyers and sellers.
Market Overview: Keeping It Cool
ARMLS May data reveals a market that’s as cool as the other side of the pillow:
- Median Sales Price: $450,000 (+3.5% YoY). Steady but controlled growth.
- Median Asking Price: $479,900 (+4.3% YoY). Sellers are cautiously optimistic.
- Median Mortgage Payment: $2,829 at 6.99% interest (+8.6% YoY). Affordability remains key.
Buyers’ Insights: Chill Opportunities
For buyers, the cool market presents some chill opportunities:
- Lower Competition: A 10.94% drop in pending sales means less competition.
- Affordability Check: With mortgage rates climbing from 2.65% to nearly 8%, careful budgeting is essential.
- Consumer Sentiment: Only 14% feel it’s a good time to buy, but this can be an edge for savvy buyers.
Tip for Buyers: Take advantage of this cooling period to find properties that might be competitive in a hotter market.
Sellers’ Strategy: Staying Cool in a Crowded Market
Sellers, here’s how to stay cool in a crowded market:
- Increased Listings: Active listings are up 55.01% to 17,897, requiring strategic positioning.
- Slower Sales: A 6.47% decline in homes sold means patience and well-thought-out strategies are necessary.
- Incentives on the Rise: 55% of sales involved incentives, averaging $9,400.
Tip for Sellers: Price your property competitively and consider offering incentives to attract buyers.
Seasonal Trends: Cooling Down with the Market
Seasonal insights explain the market’s cool factor:
- Sales Volume: Sales in May were 76.21% of a typical May, highlighting the cooling effect.
- Price Trends: Prices peak during buying seasons and stabilize or wobble in off-seasons.
Trend Watch: Expect the cool market vibes to continue through summer, with potential warming in fall.
Conclusion:
Channeling Stuart Scott’s legendary style, the Phoenix housing market is truly “as cool as the other side of the pillow” this summer. According to ARMLS May data, our market reflects a unique cooling trend, offering both buyers and sellers strategic opportunities. Stay tuned to The Real Estate Dropout Insider for the latest updates and tips to navigate this chill market effectively.
ARMLS Key Market Data for May
- Median Sales Price: $450,000 (+3.5% YoY)
- Median Asking Price: $479,900 (+4.3% YoY)
- Median Mortgage Payment: $2,829 at 6.99% (+8.6% YoY)
- Pending Sales: -10.94% YoY
- New Listings: 9,653 (+25.58% YoY)
- Active Listings: 17,897 (+55.01% YoY)
- Homes Sold: 7,386 (-6.47% YoY)
- Cromford Index: 106, declining
Stay cool and enjoy the real estate journey this summer in the Valley of the Sun!
Disclaimer: This data is sourced from ARMLS and reflects the Phoenix-area housing market as of May. The mention of Stuart Scott is purely because he is fondly remembered as one of the best, whose iconic phrase perfectly captures the current state of our market. His mention has no relation to real estate.
See the report ⬇️ and stay 🆒 in this scorching valley of the sun heat 🥵!
AriZona Real Estate insider! 
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