As temperatures begin to cool across the country, many markets are also starting to see signs of the real estate market shifting. While we continue to see a strong sellers market, taking a closer look at days on the market and number of showings per listing shows buyers are experiencing a much needed decrease in competition for active listings. This offers a unique opportunity for homeowners looking to sell and cash in on their equity, while minimizing the risk of having to rent short term as they try to buy a new home.
Moving into fall, many homeowners have opted to stay in their home rather than moving during colder months or the school year. Thus, buyers have fewer listings to choose from in many areas, but the homes they have to choose from are typically selling for list price, rather than thousands over it. Overall, the positive outlook we saw in August for home buyers continued through September and may be here to stay throughout the fall.
All stats below are based on End of Month in August vs September:
Phoenix Housing Market
Supply and Demand: In September, there were 6 weeks worth of housing inventory available, the same amount we saw in August.
Median days on the market – In September, houses spent an average of 28 days on the market, a slight increase from the 27 days on the market we saw in August.
New homes on the market – In September, there were 10,314 new homes on the market, a 6.5% decrease from the 11,037 new homes we saw in August
Homes sold – In September, 9,378 homes sold, a 3.5% increase from August’s 9,059 homes sold.
The Phoenix real estate market remains hot even as the temperature cools. September’s decrease in new listings has kept competition high among hopeful buyers. Supply has held steady at merely 6 weeks throughout summer and into fall. However, September saw a decrease in average sale price. May of this year saw an all time high in sale price of $509,000. Six months later September had an average sale price of $490,000, this is a decrease of 3%. As we see a seasonal decrease in new listings, Phoenix will continue to experience a seller’s market. However, trends are showing relief may be on the horizon for home buyers as average sale price remains consistent, and fewer homes are sold for over list price.
The Tucson real estate market saw a 2% increase in new listings, providing some relief for searching buyers. It’s unlikely this trend will continue, as traditionally there is a decrease in new listings after school starts, and as temperatures begin to drop. Much like Phoenix, Tucson is experiencing a strong sellers market. The average home spent 12 days on the market last month, this is a decrease of 58% from September of 2020. Median sales price has also increased dramatically, from $277,000 in September 2020, to $335,000 in September 2021.
Moving into fall, the real estate market typically sees a seasonal shift in active listings, and competition overall. This held true in September as homes across the country saw fewer showings per listing. However, sellers still have the upper hand as active listings decrease. It’s essential to do your research when determining the list price for your home. Home values have gone up by 9% across the country, with some markets seeing 30% increases in home values. Thus, sellers should familiarize themselves with recent comparable listings in the area before deciding on a listing price. With the help of an experienced real estate agent, now is a great time to sell your home and act quickly to purchase a new one.
Here are a few blogs that might help you as a seller:
Fall has brought with it cooler temperatures and some favorable trends for home buyers. While inventory has decreased in many markets as homeowners opt to avoid moving during cooler months, the number of listings per showing has also decreased. This means a slight decrease in competition overall for buyers. With that, homes that are not priced correctly are often sitting on the market for weeks. As a result, sellers are open to negotiations, often allowing buyers to secure a new home for list price, rather than thousands of dollars over it. Ultimately, it remains essential to move quickly if you find a home you love. Trelora can help you do just that, strengthening your offer with a commission refund, or turning your offer into cash with help from our brand partners. Speak with a Trelora agent today to learn more.
Here are a few blogs that might help you as a buyer:
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell And remember, sell with Trelora and get best in class customer service from a team of experts. Plus, if you sell with us, we give you comprehensive, expert service for a low flat fee. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.
Brock Embree joined Trelora in 2017. In 2018, he was part of the founding team that opened Trelora’s Seattle, Washington office, their first expansion beyond Colorado. In 2020, he repeated the process, opening yet another new market for Trelora in Arizona. His team has closed over 200 deals in Phoenix and has expanded to serve Tucson in addition to their growing customer base in Phoenix.