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Febuary Market Update - The Griffin Team

Tiffany Griffin

Tiffany Griffin, a dedicated real estate professional with over 18 years of experience in the industry...

Tiffany Griffin, a dedicated real estate professional with over 18 years of experience in the industry...

Feb 29 5 minutes read

                                                                       

This Market Report showcases everything you need to know about local real estate trends in Scottsdale, Phoenix, Tempe, Mesa, Gilbert, Chandler and Queen Creek.


If you’re thinking about buying a home or selling your home, having a good understanding of what’s going on in our local market is vital.

Being aware of the data such as the average sales price, the number of homes sold, and average days on market will better arm you with the knowledge you need to make an informed decision about listing your home.

                                                                       

Is the Housing Market Cooling Off? February Stats Offer Clues


The latest housing numbers are in, but are they telling a story of a slowdown? Let's break it down:

  • Price Increases, But at a Slower Pace: Home prices are still rising, but not as quickly as before. The average price per square foot grew by 6.41% compared to last year, and the median price per square foot by 5.61%.
  • Don't Be Fooled by January Sales: January is always the slowest month for sales, so while sales volume was almost the same as last year, with an extra business day figured in, it's actually a slight drop year-over-year.
  • The Mortgage Rate Factor: Buyers have been hit hard by higher mortgage rates. The result: less demand, which puts a squeeze on sales.

So, How 'Hot' Was This February?

If we compare January's numbers to the world of celebrities, it was like Lizzo (good, but not groundbreaking), Mitch Trubisky (steady, but not a star), or the Arizona Cardinals (room for improvement).

Want a Taylor Swift, Travis Kelce, or Kansas City Chiefs-level year (like we saw in 2021)? 

The Big Picture: January 2023's sales were only better than 2008 over the past two decades. That means affordability is still a major factor for buyers.

What Does This Mean for You?

  • Sellers: If you're eager to sell, pricing may be more important than ever. Stay competitive to attract those buyers who are still in the market.
  • Buyers: You may find some breathing room for negotiation as the market cools slightly. But don't expect prices to crash – they're still on the rise overall.


Phoenix Real Estate: A January Snapshot in 2024

While the Phoenix real estate market has generally been hot in recent years, the start of 2024 paints a slightly different picture. Here's a quick analysis:

Prices:

  • Slowing growth: Good news for buyers - price increases are moderating. The average price per square foot rose by 6.41% year-over-year, and the median price by 5.61%. This is a slower pace compared to previous years.

Sales:

  • Don't be fooled by January: January typically sees the lowest sales volume of the year due to seasonal factors. While this year's volume was nearly identical to last year's, considering the extra business day in 2024, it suggests a possible slight decline year-over-year.

Factors at play:

  • Higher mortgage rates: This significant factor has impacted affordability and dampened buyer demand, leading to the slowdown in sales.

Overall, the market:

  • Shows signs of cooling: Compared to the sizzling pace of previous years, the beginning of 2024 reveals a market with slower price growth and potentially fewer sales. This might be good news for buyers seeking more options and potentially better negotiation opportunities. However, affordability remains a concern for many.

Remember, this is just a snapshot. Market conditions can change quickly. Reach out to us today so we can help you navigate the specifics and understand the nuances of the current market situation tailored to your needs.


72

Days on Market

2036

Active Listings

$785k

Avg. Sales Price

403

Closed Sales

61

Days on Market

3185

Active Listings

$415k

Avg. Sales Price

863

Closed Sales

64

Days on Market

284

Active Listings

$435k

Avg. Sales Price

80

Closed Sales

58

Days on Market

1199

Active Listings

$435k

Avg. Sales Price

333

Closed Sales

48

Days on Market

520

Active Listings

$485k

Avg. Sales Price

160

Closed Sales

58

Days on Market

538

Active Listings

$545k

Avg. Sales Price

161

Closed Sales

77

Days on Market

148

Active Listings

$540k

Avg. Sales Price

39

Closed Sales

Curious about how your home's value has changed?

We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.

Get Your Report

The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, The Griffin Team makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. This blog post is for informational purposes only and should not be considered financial advice. Always consult with a qualified real estate professional before making any investment decisions. As a general policy, Tiffany Griffin, The Griffin Team makes no claims or assertions about the future housing market conditions across the US.

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