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What happened in the December 2017 real estate market? What can you expect from our real estate market in 2018? 
In 2017, 6,146 homes came on the market in December. In December 2016, 6,579 homes came on the market, leaving us with a 6% decrease in 2017. 
In December 2017, there were 20,461 homes available for sale. Compared to the 22,449 homes available for sale in December 2016, that’s a 9.7% decrease in active inventory. 
The number of sold homes increased by 0.8% year over year, from 7,128 sales in December 2016 to 7,185 sales in December 2017. 
In December of 2016, there were 3.15 months of inventory on the market, which decreased by 10.5% to 2.85 months of inventory in December 2017.
What do all of these numbers mean for our market?

There were fewer homes coming on the market for sale, and we had a 10% decrease in active inventory. We did have a slight increase in the number of homes sold, but inventory is down, leaving us with a seller’s market.
Why?
For one thing, interest rates are below 4%. Interest rates have gone up slightly, so buyers realize that as rates go up, their payments will go up. As a result, they want to lock in that low rate now, while it’s still below 4%. 
The stock market is booming and the economy is roaring, causing homebuyers to think, “Prices are going to go up, so I’d better lock in the current price now.” 

What does all of this mean for the 2018 market here in Phoenix? I anticipate 2018 to be one of the hottest markets on record, and it’s off to a great start.

In January, we get about 10,000 new homes on the market. From now until May, there will be 10,000 to 12,000 homes going up for sale each month, so get your home on the market now before your neighbors do.
If you have any questions about buying or selling a home in 2018, please don’t hesitate to reach out to me. I would be happy to help you!