Phoenix Homes

Phoenix Real Estate Snapshot for February 19, 2015

February 19 – For most locations in the Valley there are fewer active listings (excluding homes under contract) and more listings under contract than on February 19, 2014. This means that supply is down and demand is up compared with last year. This is good news for sellers and a warning signal for buyers.

Here are the changes for the major cities:

City Change in Supply Change in Demand Contract Ratio
Phoenix -16.5% +3.6% 61.0
Mesa -18.4% +11.7% 65.1
Scottsdale -0.4% +3.8% 25.9
Chandler -9.7% +18.0% 63.4
Glendale -24.8% +11.1% 76.6
Gilbert -17.3% +4.8% 58.2
Surprise -30.8% +1.2% 59.2
Peoria -7.0% +29.6% 54.6
Queen Creek -9.0% +9.5% 47.4
Avondale -25.3% +5.4% 87.6
Tempe -28.8% +18.9% 69.3
Goodyear -4.1% -6.8% 40.2

©2015 Cromford Associates LLC

Supply numbers are still weaker than last year at this time, so the market is shaping up quite nicely for sellers as long as they are patient. If the current trends continue and spread through more market segments, then we could see prices regain a little upward momentum later in the year.

I would love to help you with any of your real estate needs. Feel free to contact me with any questions. And while you’re here, check out other real estate articles on my blog!