May Real Estate Market Update

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Shift is happening in the Valley Real Estate Market. This month, 3 key statistics you need to know.
This is N’Marie Crumbie, brokerage by eXp Realty with this month’s market update.
Over the last 9 weeks, we have begun to see inventory rising in the Valley. On May 15th, there were 7,372 active listings - an increase of more than 58% from last year. Most of this increase has been in homes over $400,000. 21% of all active listings today are listed for sale under $400,000. That’s down from 38.2% last year at this time. And, the number of $400 - $800,000 listings have skyrocketed over 130% making up 62.5% of all listed homes. The number of Homes listed over $1,000,000 has also increased. This increase in listings, is good news for buyers who have gotten frustrated finding opportunities.
The total number of New listings this year, are down 3.3% from last year, mainly due to a nearly 50% drop in listings of homes under $400,000. But, if new listings are down, how has inventory increased? Over the last few weeks, Buyer demand has slowed significantly. We have seen listings under contract drop each week over the last 10 weeks.
Currently, there are 16.3% fewer buyers in escrow than last year at this same time. Buyer demand, though still at normal rate, has dropped over the last 5 months due to rising interest rates and lower affordability.
Before sounding alarm bells about the changing state of the market, remember that the difference between supply and demand is still huge. And until supply exceeds demand, we will continue to see prices rise, although perhaps at a slower rate than we’ve seen over the last two years.
It’s still a great time to be a seller, and it may be a little easier to be a buyer right now - in certain price points.
Want to know more? Give me a call, I am N’Marie Crumbie with AgentCrumbie.Realtor, Saving you from Costly Real Estate Mistakes.
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