Real Estate Market Update – May 2019 – Phoenix Arizona

     

    Summer Selling Season Is Here! Currently the listings under contract count is almost the same as last year, so we should expect closed sales in May 2019 to be similar to May 2018. In fact, April 2019 was the strongest month since 2005 for unit sales.

    Many new listings have come on the market since March (which is normal for this time of year), as buyers and sellers get encouraged by lower interest rates. However, the high level of demand is making short work of the extra supply and active listings. Supply (current homes for sale) is higher than last year (but still chronically low), but it is falling faster than it did in 2018. As predicted, prices are rising, but at a slower pace than in 2018. The median sales price was up 5.9% compared with a year ago.

    The market is more vibrant now than almost anyone expected it to be, and the likelihood of falling prices in the near term is minimal. If interest rates start to rise again then we may see another mild slowdown, like we experienced from September 2018 – February 2019, but at the moment the market engine is firing on all cylinders once again.

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