December 2023 Market Update
Hello everyone and today I would like to talk to you about the market in Maricopa County. This is helpful information for both buyers and sellers
Let's start by discussing the inventory in Maricopa County. As of November 2023, we currently have a healthy 2.89 months supply of inventory. Now, what does this mean for buyers and sellers? Well, a balanced market typically has around 6 months of inventory, so with 2.89 months supply, we can say that it's still a seller's market.
It's also worth noting that over the last 12 months, the Months Supply of Inventory has decreased by 0.69%. This indicates that demand is still strong, and homes are selling at a faster pace. For sellers, this means you have a great opportunity to sell your home quickly and potentially receive multiple offers.
Now, let's talk about the List to Sold Price percentage. In Maricopa County, the average List to Sold Price percentage is currently at an impressive 98.2%. What does this mean for you as a buyer or seller? Well, it indicates that homes are generally selling very close to their listed price.
For sellers, this means that you have a realistic chance of receiving a good offer on your home, close to your asking price. It's a positive sign that buyers are willing to pay the value you've set for your property. For buyers, it's important to understand that being prepared and making competitive offers is crucial in this market.
Now, let's move on to the median days on the market. Currently, homes in Maricopa County are spending an average of 39 days on the market before being sold. This is important information for both buyers and sellers. For sellers, it means that if your home is priced right and presented well, it has a good chance of selling within a reasonable timeframe.
Lastly, let's discuss the median sold price in Maricopa County. As of November 2023, the median sold price stands at $460,000. This represents the middle point of all the home sales in the county. For sellers, this gives you an idea of what to expect in terms of pricing and market value. For buyers, it's essential to understand the current market rates to make informed decisions.
And there you have it – a comprehensive market update for Maricopa County, Arizona. Whether you're a buyer or seller, understanding the current trends and statistics is crucial in making well-informed decisions.
As always, if you have any questions or need assistance with your real estate needs, don't hesitate to reach out to the Garcia Group at eXp Realty. We're here to guide you every step of the way.
Have a great day!