Phoenix/Scottsdale Real Estate Market Update – January 2019
Is Phoenix/Scottsdale transitioning to a Buyer’s Market?
We have become accustomed to a hot, growing market that strongly favors sellers. Now that it is cooler, contracting in volume and moderately favoring buyers, there is some talk that we are entering a Buyer’s market. But this perspective is not agreed upon by all because a decline in demand does not necessarily constitute a Buyer’s market.
A Buyer’s market is indicated by supply that is higher than demand and decreasing closed sales prices. In Phoenix and Scottsdale, the supply is still very low, and there is little indication that the supply will increase.
Most indicators that impact the housing market are in normal to good ranges. Compared with California and other west coast metro areas, Phoenix/Scottsdale is still very affordable. There has been no decrease in loan approval rates and population growth is increasing faster than the number of homes. Owning a home still makes better financial sense than renting (unless you expect to own the home for less than 3 years). None of the conditions for closed prices to fall are currently in effect.
The numbers are more reliable than emotion, and the numbers indicate more of a cooling down rather than a downturn – perhaps a return to a balanced market.
*Every Tuesday, we participate in a conference call with our broker and fellow colleagues to discuss the local real estate market, the current real estate news and the latest statistics. Our market update is based on this group discussion and information provided by The Cromford Report, a company dedicated to local real estate market statistics.
News from NAR - National Association of Realtors
NAR Real Estate Forecast Summit: Consensus Forecast
on December 11, 2019 at 3:12 pm
Fourteen economic and housing market experts were asked to give their housing market forecast for 2020 and 2021.
Infographic: Top 10 Outperforming Markets
on December 11, 2019 at 3:50 am
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Top Ten Outperforming Metro Markets Report
on December 10, 2019 at 10:37 pm
The National Association of REALTORS® identified the top metro areas for the next 3-5 years based on domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables.
Expect Continued Economic Growth, Slower Real Estate Price Gains and Small Chance for Recession in 2020, According to Group of Top Economists
on December 9, 2019 at 9:32 pm
A group of top economists arrived at a consensus 2020 economic and real estate forecast at the National Association of Realtors®’ first-ever Real Estate Forecast Summit on December 11, 2019.