August Phoenix AZ Market Update
It’s been a long, hot summer and it’s not over yet. The Phoenix area real estate market, like our hot weather, is continuing the trend of the past month. The number of new listings continues to decrease, while the total number of available listings continues to increase. This indicates that buyers aren’t snapping up listings at the frantic pace of the past several months, a fact that is supported by the decrease in sold listings.
Folks may panic a bit, thinking that our market is cooling off but this slowdown can actually be a good thing. Much of our market growth has been supported by investors purchasing properties to convert into rentals. Buyers planning on moving into their purchases have been frustrated by the fast and furious activity of these cash-toting investors. As prices rise, we would anticipate investor activity to slow down a bit. With Fannie Mae and Freddie Mac selling blocks of homes to mega-big investors, it is possible that smaller investors are sitting back to see how these bulk sales are going to affect the rental market.
Whatever the reason for the slowdown, it offers a great opportunity for non-investor buyers to make a purchase with a bit less competition from investors.
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