As we step into the second half of 2024, the Arizona real estate market continues to show interesting trends that both buyers and sellers should be aware of. Whether you're considering purchasing a home or thinking about selling, understanding the current market dynamics is crucial to making informed decisions. Here’s a breakdown of the key highlights from the July 2024 market report and what they mean for you.

1. Decrease in Listings: A Tightening Market

In July 2024, the number of active listings saw a notable decrease across the board. For example, single-family home listings dropped by 7.58% compared to June, and even more sharply by 19.53% over the past three months. This trend indicates a tightening market, which could be beneficial for sellers as reduced inventory often leads to increased competition among buyers, potentially driving up home prices.

For Sellers: This is a prime time to list your home. With fewer properties on the market, your home has a better chance of standing out and attracting motivated buyers. The competitive environment could lead to multiple offers, helping you secure a favorable selling price.

For Buyers: If you're in the market to buy, be prepared for a competitive landscape. It’s essential to work closely with your REVINRE professional to stay on top of new listings and be ready to act quickly when you find the right property.

2. Price Adjustments: A Slight Cooling in the Market

The average price per square foot has experienced a slight decline, with a 1.70% drop from June and a 4.00% decrease over the last three months. The median price per square foot also saw a slight dip. This cooling effect suggests that the market might be stabilizing after a period of rapid price increases.

For Sellers: While prices are still strong, the recent cooling trend suggests that pricing your home competitively is key to attracting serious buyers. Your REVINRE professional can help you determine the optimal price to ensure your home sells quickly while maximizing your return.

For Buyers: The slight dip in prices could be an opportunity to find better deals. However, given the competitive nature of the market, it’s important to make strong offers, especially on properties that are well-priced and in desirable locations.

3. Days on Market: Homes Taking Slightly Longer to Sell

In July, the average days on market (DOM) increased slightly to 68 days, up from 66 days in June. The median DOM also increased to 49 days. This indicates that while homes are still selling, it’s taking a bit longer than in previous months.

For Sellers: Be prepared for your home to take a little longer to sell. This isn’t necessarily a negative; it simply means that the market is adjusting. Working with your REVINRE professional to enhance your home’s appeal and market it effectively can help reduce the time it spends on the market.

For Buyers: The increase in DOM means you may have a bit more time to consider your options. However, don’t wait too long, as desirable properties can still move quickly.

4. Sales Prices: A Stable Market with Slight Fluctuations

The average sales price in July 2024 was $560,906, a 4.51% decrease from June. The median sales price also decreased slightly to $440,000. Despite these fluctuations, prices remain relatively stable year-over-year, with a small increase from July 2023.

For Sellers: Even with slight price adjustments, the market remains strong. Ensuring your home is priced right from the start can attract buyers quickly, helping you achieve a sale that meets your financial goals.

For Buyers: The stable prices provide a clear picture of the market’s value. Use this to your advantage when negotiating, and rely on your REVINRE professional’s expertise to guide you through the process.

5. Supply and Absorption Rate: Signs of Market Equilibrium

The supply of homes in July stood at 2.86 months, slightly down from June. The absorption rate, which indicates the percentage of homes sold in relation to the number of homes available, was 34.98%, showing a market that’s moving towards equilibrium.

For Sellers: A balanced market means fair conditions for both buyers and sellers. However, positioning your home effectively in the market remains crucial to securing a timely and profitable sale.

For Buyers: With the market showing signs of equilibrium, it’s a good time to buy. Prices are stabilizing, and there’s a healthy selection of homes available, giving you more options to find the right property.

Conclusion: Strategic Decisions in a Dynamic Market

The Arizona real estate market in July 2024 presents both opportunities and challenges for buyers and sellers. For sellers, the reduced inventory and stable prices suggest it’s a good time to list your home. For buyers, the slight cooling of prices and increased days on market could provide opportunities to find the right home at a fair price.

At REVINRE, we’re committed to helping you navigate these market conditions with confidence. Whether you’re buying or selling, our professionals are here to provide you with the insights and support you need to make the best decisions for your real estate goals. To get in touch with one of our professionals, call us at (602) 562-7222 or visit REVINRE.com.

Navigating the bustling Phoenix real estate market as a seller can be a challenging task, but with the right guidance, you can leverage the current market dynamics to your advantage. Understanding the underlying conditions and trends is crucial for making informed decisions.

Unraveling the Phoenix Real Estate Market: February 2024

Current Market Trends in Phoenix

The Phoenix real estate market has been demonstrating growth, with a noticeable uptick in buyer demand and property values. Recent data indicates an increase in average sales price, signaling a positive trend for sellers. While listings have seen a rise, the market remains competitive due to a steady influx of new residents attracted to Phoenix's vibrant economy and lifestyle. 

Key observations include a rise in the average price per square foot, a metric that offers insight into the market's health. This growth is reflected across various property types and neighborhoods, pointing to a broad-based appreciation in real estate values. For sellers, this means that there is potential to capitalize on this upward trend, provided they price and market their properties effectively in alignment with current market conditions.

Key Market Indicators to consider

When delving into the Phoenix real estate market, there are several key indicators you should consider. The average and median sales prices provide a snapshot of market value, while the average price per square foot can offer a more granular view of value over time. Listings and inventory levels are crucial; an increase in available properties could signal a shift towards a buyer's market, while low inventory often means a seller's market.

Additionally, pay attention to the absorption rate, which measures how quickly homes are selling. A high absorption rate suggests strong demand and could be a green light for listing your property. Days on market (DOM) is another important metric; shorter DOM indicates properties are selling faster, often leading to competitive pricing. Monitoring these indicators can help you make informed decisions when pricing your home and planning your sale strategy. 
 

Positioning Your Property for Sale

Timing Your Property Sale Right

Timing can significantly impact the success of your property sale in the Phoenix market. Seasonal trends typically show that spring and early summer are peak times for real estate transactions, with families looking to move during school breaks. However, Phoenix's unique market conditions can sometimes defy these general trends.

Analyzing current market data is essential. If inventory levels are low and demand is high, it could be an opportune time to list your property, regardless of the season. Conversely, if the market is saturated with listings, waiting for a more favorable moment might be wise.

It's also important to monitor economic indicators and mortgage rate trends, as these can influence buyer activity. A professional, like those at REVINRE, can provide timely advice on the best moment to sell, ensuring your decision is backed by the latest market insights. 

Pricing Your Property for the Phoenix Market

Pricing your property correctly is a critical step in the Phoenix real estate market. Set the price too high, and you risk deterring potential buyers, leading to a longer time on the market. Price it too low, and you may leave money on the table. Achieving the right balance is key to attracting buyers and securing a sale at the best possible price.

To price your property effectively, consider a comparative market analysis (CMA), which compares your home to similar properties in the area that have recently sold. This can provide a realistic picture of what buyers are willing to pay. Also, take into account your home's unique features, condition, and any market trends that could influence its value.

REVINRE can assist in this critical step by offering a property valuation service, ensuring your pricing strategy aligns with current market conditions and maximizes your home's value. 
 

Harnessing the Power of REVINRE

Listing Your Property with No Commission

One of the most significant advantages of partnering with REVINRE is the ability to list your property without paying a traditional commission. In the conventional real estate model, commissions can significantly reduce your profits from the sale. REVINRE, however, allows for a more cost-effective approach.

By listing your property with REVINRE, you can save thousands of dollars that would otherwise go to commission fees. This innovative model provides you with the same exposure as traditional listings by placing your property on the Multiple Listing Service (MLS), which is essential for reaching a broad audience of potential buyers. The average seller has saved $14,250 by listing with REVINRE.

Moreover, REVINRE does not compromise on quality or service. You will receive professional support throughout your selling journey, ensuring your real estate experience is smooth and successful, all while keeping more of your sale proceeds in your pocket.

Making Use of REVINRE

REVINRE's services are designed to give sellers control and flexibility over the sale of their property. Instead of the traditional commission structure, these packages allow you to select and pay for only the services you need. This can range from basic listing services to more comprehensive support, including professional photography and listing management.

These packages are particularly advantageous for sellers who are comfortable handling some aspects of the sale process themselves while still benefiting from professional services for more complex tasks. For example, you might choose to take on marketing and showings but opt for professional help with contract negotiations and closing processes.

By customizing the service package to fit your specific needs, you maximize the value you receive while keeping costs predictable and affordable. This approach empowers you as a seller and can lead to significant savings without compromising on the quality of services provided. 

The Benefits of REVINRE

REVINRE's a-la-carte services offer a unique advantage for sellers in the Phoenix real estate market. This personalized approach allows you to pick individual services based on your specific needs, rather than paying for a bundled package that may include services you don't require. This flexibility is a cost-effective way to tailor your selling experience and retain control over the process.

The benefits of choosing a-la-carte services include the ability to manage your budget effectively by investing only in what's necessary to sell your property. For example, if you're confident in your ability to host showings but need assistance with closing paperwork, you can select just that service.

Moreover, a-la-carte options allow for a more hands-on approach to selling your property, which can be empowering and educational. You're supported by professional services where needed, while also learning about the real estate process firsthand.

Get started with your listings at REVINRE.com.