Published March 20, 2024
March Market Report - Slow start to Spring Season
March Market Report: Slow start to Spring Season
By: John A. Sposato
Spring is finally here! 
As the weather warms up, usually the Phoenix Metro market does too.
As the weather warms up, usually the Phoenix Metro market does too. However, things are a little slower paced this Spring...likely due to interest rates still hovering in the high 6's.
10 out of 17 cities are still in seller's markets. (100+ on Cromford Index)
We have 4 cities that are balanced and 3 that are buyer's markets (Goodyear, Maricopa and Buckeye...all outlying cities).
Demand is rising, but very slowly....
But Supply remains relatively flat...
As a result, Median Home Price also remained flat, MoM.
In Closing....
The market remains in a state of stagnation… homes are selling, but not at expected velocity.
This works well for buyers, because you have a limited amount of competition out there making offers on homes.
But this also works well for sellers, who prepare their homes to look exceptional on the market, and price them right on the button.
Great homes are still selling quickly. We have received multiple offers on our latest listing and it sold for over asking price.
Ask us how.
Until then, we will continue to keep you updated with the Phoenix Metro market and if YOU are thinking about buying or selling in today's market, reach out to have a conversation about the factors that will affect you and how we can plan for a successful outcome!
