With two months in the books, we wanted to provide a quick market update. Here’s our 2016 Jan/Feb Maricopa County Market Recap: the big news is rising inventory levels. With 2015 hovering around 20,000 to 21,000 units (single family homes, condominiums, patio homes, town homes and lofts), there are now 23008 active listings on the market. There are currently 12025 pending sales and from January 1, 2016 to February 28, 2016, there were 10,182 sales–here is breakdown of the low sale, average sale and high sale across the county:
This graph shows market activity across Maricopa County for the past three months:
This graph shows the change in days on market across Maricopa County for the past three months:
In home loan news, rates are still near 30 year lows. Here is a nice chart from Bankrate.com that shows trends since December 2015:
|3-month trend||30-year fixed||15-year fixed||5/1 ARM||30-year jumbo|
In closing, we expect inventory levels to rise throughout the year and for market activity to pick-up until summer. Rates may tick up a bit, but should remain very attractive throughout 2016. To view past market updates, check out our blog. If you need help buying or selling a home, please contact one of our outstanding agents. We are honored to serve your real estate needs!