We're Officially In A Hot Market Again!
The number of homes under contract for all areas of the Valley and all types has risen above 60! So what does that mean?
It means we are officially in a hot market here in the Valley again!
So how does that affect you as a buyer or seller? We can anticipate home prices rising over the coming months, no matter what you read in the media, which tends to base their reports and projections on lagging housing data that could be one to several months out of date. Lets face it- it captures your attention to say.. Housing price are down.. The market looks worse. You stop and listen. But those recent headlines are about last month compared the to the month before… not the big picture of year over year trends.
So you can see our supply index is creeping up. That means inventory is getting tighter. The overall market index is up to 127.9. Remember 100 is a balanced market, below that and we are in a buyers market, and above it is a seller’s market. So the CMI is increasing. This week to 127.9 deeper into a seller’s market.
And the demand index is 82.3.
So the bottom line, inventory is tightening, the market is getting stronger and buyers are out there searching for their new home in the Valley. If you are thinking of buying or selling, give me a call. I’m happy to help you capitalize on this market to ensure you get the most for your money no matter which side you're on.
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Connie Colla
Associate Broker, N. Scottsdale Branch Manager | License ID: BR656708000