As we enter March, let’s take a look back at what happened in February in our Phoenix real estate market. February continued to show that we have a very tight inventory. These are actually some of the lowest inventory levels we’ve seen in the last decade.
There just aren’t enough people who want to sell their homes to meet the demand of those who want to buy them. Builders are building as fast as they can, but more and more buyers are getting priced out of the market and left behind.
Another thing we’re seeing is that iBuyers are struggling to buy homes as well because of this low inventory.
One interesting thing that we saw last month is what’s happening in the luxury price points. Homes above $800,000 are seeing 50% year-over-year increases in home sales. Apparently, people have more money to spend on homes in early 2020 than they did in 2019.
The low inventory might be pushing buyers up to price points that they can afford but don’t necessarily want to buy in. There have been 34 $3 million+ home sales so far in 2020, versus 16 of these home sales in the same period in 2019.
It doesn’t matter which segment of the market you’re in, it’s tight and competitive.
If you have questions for us about your situation or anything else related to real estate, feel free to reach out via phone or email. We would love to hear from you.
