Closed Sales Report Analysis:
(click on any graph for larger image)
October did not follow the trends of the prior two years where we saw the number of closed sales drop Instead, October saw a 7.4% increase over the prior month. The statistics show that we had 6,232 residential homes sell in the month of October in Maricopa County. It will be important to watch this trend over the next few months to see if there is a continuous shift in trends compared to the prior years.
For buyers, this means that competition for homes remains even higher, as more homes sell and are no longer an option for buyers. We continue to see homes sell well above list price AND cash buyers continue to have an edge where there are bidding wars, especially when homes are priced below $150,000. Buyers should continue to carefully work with their real estate professional to understand the market AND how they can compete with the market demand and other buyers who may be in a financial position that is more appealing to the seller.
For the full report, click HERE!