How’s the Market?
Dear Client of Those Callaways,
Folks ask, “How’s the Market?” Such a wide-open question, I usually ask if they are buying or selling, get a little more information about them – it’s all about them, and then I form my response to serve them best. But this letter is more general. So here is a brief overview that answers the question in a one-size-fits-all manner.
The Real Estate Market is always gold, barring some catastrophic event like 9/11 or the foreclosure crisis of 2008. Last year (2024), 71,950 homes sold in Maricopa County. This number ranges between 70,000 and 90,000, year in and year out. So, a little on the low side.
The Number of Listings (Homes for Sale) rose to 21,000, an increase of about 8,000 homes over this time last year. So, more people are on the market, which is actually a good thing because the selection is better. Sellers do have to be more competitive, but they can still expect a little more than the last seller got.
Interest Rates are in flux, they always are in flux, but way more people expect them to go down rather than up this year. Nothing crazy, maybe a point or two. We are at about 6%, but remember the Nineties and early 2000’s? The rates were double digits and houses still got bought and sold. Actually, rates don’t matter. Whatever they are when you buy, you can always refi if they go down, and if they go up, well aren’t you glad you acted when you did?
Days on Market are at 76, which is only an average of all the overpriced sellers asking too much. Desperate or motivated sellers (think: “Got to be in Texas next month”) and all the folks in between. Having the right agent can affect this number. If you languish on the market for four or five months, your agent should be proactively understanding why and giving you the information you need to fix it.
I apologize if this update isn’t statistical enough for you. We can fix that. One thing this business has is data, which brings us back to your specific needs and situation.
Call, text, or email me any time. I love to talk about the market, which is always good, and how I can address your real estate goals.
Have a very happy and prosperous new year.
Thank you,
Joseph