The Arizona housing market is now in a very rare time of low inventory of homes for sale and lots of buyers wanting to find their preferred home. The Arizona Regional Multiple Listing Service (ARMLS) reports December overall sales up by 0.7% including homes, condos and manufactured homes contrasted by active inventory down by 12.6% year over year. As observed by Case-Shiller, falling inventory in 2015 saw prices go up 6.3%, the highest when compared to the increases reported for 2014 and 2016. The former posted a 2.4% price increase which had more inventory and less buyers while the latter had prices go up 4.8% with a flat inventory.
A study conducted by Zillow also showed more than 40 percent of prospective buyers searching for their new home in another city. The new tax law is also causing some buyers from expensive housing markets to think about making a move to lower tax states like Arizona. Interest rates are on the rise but with mortgage lenders giving the market a little boost, buyers are now looking harder than ever to find the right home and pay top dollar.
SELL YOUR HOUSE in today's market BEFORE THE MARKET SHIFTS. The Shanna Day Team is here to help you avoid costly mistakes and maintain a smooth real estate transaction.
Why Sell Your Arizona House In Today's Market?