PHOENIX METRO AREA: March Market Update

March Market Update:

March 2025

When I pulled statistics for this month, the first word that came out of my mouth was “Wow”.  It has been a long time since we have seen this much inventory on the market. From 5.5 months worth of inventory in Phoenix to over 7.5 months in Scottsdale, and over a year’s worth of inventory in Paradise Valley, it shouldn’t be a surprise to say our spring market is in full bloom. Why are inventory levels this high? I believe it’s a combination of increased listings, which is normal for this time of the year, and the fact that buyers don’t have a sense of urgency anymore.  The days of the Seller’s Market are long gone and Buyers are finally getting their moment.  But, unfortunately, although there are more options for Buyers to choose from, interest rates are still causing pause for many buyers which is slowing down the absorption rate that we have been used to over the past few years.  So what does this mean? If you are a Seller be prepared to wait.  Make sure you are not overpricing your home, and make sure it’s picture-perfect and show-ready because it will have competition!  If you are a Buyer, talk to your agent about negotiating a rate buy down with your offer! Sellers are finally coming to the negotiating table and this could be a win-win. You get a lower interest rate and don’t have to compete, and the Seller gets to sell their home!

Reach out if you are ready to sell or buy, and let’s figure out the best strategy for you!

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