Homes for sale nationally are down 52% over the same time last year and in Arizona, there was a 64% decrease in inventory over last year. Demand is up as potential buyers re-evaluate their priorities in homes and lifestyle during and after the pandemic. There are four offers for every listing and intense competition has led to double-digit price growth according to the National Association of Realtors. Absorption rate measures how fast we would sell out of the current homes on the market if no … [Read more...] about Assessing the Residential Real Estate Market
real estate market
Real Estate Market Maintaining Momentum in the New Year
Staying strong since last June, the housing market on the local, state and national level has risen to a 14-year high, despite the pandemic, economic uncertainty and a difficult presidential election. Even during historically slow periods, like the holiday season, homebuyers are quickly purchasing the few homes listed for sale. The shortage of housing inventory and extremely low interest rates have driven the hyperactive real estate market, says long-time realtor Gary Nelson, who heads the … [Read more...] about Real Estate Market Maintaining Momentum in the New Year