For My Home Owner Friends, A Quick Thought
The Phoenix real estate market can be summed up in general statements, just like anything else, but it’s also very clear that the diversity in the valley between subdivisions and communities that sit right next to each other often paints a strange story. So, when we refer to the market moving in a certain direction, sometimes we have to get more specific in order to offer a more representative opinion relative to your home.
According to the data for the entire valley, the number of days that it takes to sell a home in the $150K – $300K range is hovering around the following numbers:
1-Year Average: 67 days.
Long Term Average (years and years): 80 days.
When the 1-Year average is below the long term average, the seller has an advantage. One key point however is to note that the direction that the 1 year average is traveling is the more important measure of whether or not the rate of appreciation is increasing (more seller control and scarcity) or decreasing (seller losing control.)
Small fluctuations, even while in a seller’s market, can sway the advantage back and forth depending on the circumstances of your particular situation.