Let’s take a look at who might have more control of the market, buyers or sellers, by examining Maricopa County’s current housing inventory level. I quick review is in order to show a few points of inventory levels in recent times.
Our past blogs have shown the following residential units for sale, inventory levels:
Current MLS Inventory 18,525 Residential Homes for sale on ARMLS (AZ Regional MLS – Greater Maricopa County MLS System)
Our current inventory level shows a 15% increase in residential dwellings for sale in the last 10 months. This number is significant enough to mention and directly relates to what we are seeing in the field. Whereas prices haven’t started to decrease too much if at all, it does appear as if there is a lot less competition with offers and homes are staying on the market a little longer. In 2018, the vast majority of offers Talbot Team placed for our clients, were accompanied by other, sometimes more than one Buyer offers. Many of which offered more than list price. In the first quarter of 2019, Talbot Team has seen a significant decrease in multiple offers leaving our clients a better chance for offer acceptance.
Working in parallel with inventory supply forces, are the lowest interest rates we’ve seen in 8-12 months. Lower interest rates make housing more affordable. At the same price homes with lower mortgage interest rates appear to be more affordable. These two factors have poised the market to be the strongest it has been for buyers in quite a while.
We will check back in 3 months to see if inventory continues to increase.