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Today, I’d like to take a look back at our November 2017 market here in the Greater Phoenix area.
We had very little change year over year for the month of November. Last year, we had 8,477 homes come on the market. This year, we had just 20 more homes at 8,497.
In terms of active listings, there were 23,191 in November 2016 compared to 21,347 we saw this year. That’s an 8.6% decrease.
Sales are up, though, by 4.5%. We had 7,210 homes sell this year versus 6,890 last year. Inventory is down 13.8% in the valley from a 3.37-month supply in 2016 to 2.96 in 2017.
Interest rates have also gone up. Despite the fact that buyer demand is still strong, they are definitely paying attention to these rates. Buyers want to lock their rate now before they go any higher.
If you or anyone you know are looking to buy or sell, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.