February Market Update:
February 2025
Don’t we all just love February? The weather is amazing and there are so many popular events like the Phoenix Open and Barret Jackson that bring in visitors from all over. As for the real estate market, it marks the beginning of our busy season, and sellers are showing up in droves! In January alone, over 11,000 new listings were added to the MLS. That’s a 25% increase compared to January 2024. That sounds great, right!? It’s definitely great for buyers to have more inventory to choose from, but has demand increased at the same rate as supply? Not quite. There are definitely ready and willing buyers, but they are certainly not rushing into any decisions.
This is evident by the increase in days on market we have seen across the Valley. At the end of January, the average number of days a home was on the market increased to 83 days which has increased our overall supply to just under five months! Back in the “frenzy” we saw our average supply at less than a month. So buyers have lots of choices and with high interest rates they are not in a hurry to commit until they find the perfect house. So if you are thinking of selling make sure your home stands out from the rest and is priced correctly and be patient!
Reach out if you want to hear my thoughts on how we can get your home noticed and sold!
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