Watch our LIVE!

Market Update

Statistics

• Active Listings are up 4 percent year-over-year
• Pending Listings down 20 percent
• The monthly average price increased 5 percent over last year
• Median sales price is about the same as it was the month before

What It Means For You

The Valley has become used to a hot, growing market that strongly favors sellers and now that it is cooler, contracting in volume and moderately favoring sellers, we have a tendency to over-react and make more of the change than it really deserves. We must remain calm and realistic and be guided by the numbers. These numbers look like a cooling off, not a downturn.

Active listings are up 4 percent year-over-year, but inventory is still short for the market. There has been a bit of a slowing down in the market over the last few weeks in December, but we have yet to see if this lethargy is long-term or just the market waking up from the holiday season. What we can tell you, is that now is a great time to start your journey to buy a home, because many are waiting for the market up pick up or for the school year to end before moving. You can expect interest rates to continue to rise steadily and the same for home prices.

Home sellers, we saw the median sales price about the same as the month before. While you can feel confident selling in what remains a seller's market, be aware that the sales prices are steady and selling now may be more beneficial than continuing to wait and seeing more of a cooldown. For homes already on the market, we are seeing key price adjustments that match the current demand by buyers.