Low supply may be the story this Spring in Phoenix, although some price points are experiencing weaker supply than others. Between $200K and $2M, supply is down about 10% compared with this time last year. However demand has grown much more strongly for the $200K to $600K range than above $600K, so the balance in the market favors sellers under $600K but is more balanced above $600K.
New builds are continuing to take a larger share of the overall residential market, up from 12.3% of unit sales in February 2016 to 13.9% in February 2017.
Learn more about what’s happening in Phoenix and Scottsdale real estate in this months Real Estate Rundown. Make sure to sign up for our mailing list to receive our monthly market update directly to your inbox.
Carmelle AZ Homes – Your Partner in Arizona Real Estate