PHOENIX (AZFamily) — If you’ve driven around Valley neighborhoods lately, it probably won’t take long to stumble across a home for sale.
“We were ready for a change, and honestly, being back in the house, it’s kind of bittersweet because I love this house, I’ve put a lot into the house, and I want another family to enjoy it as much as we have,” said Brandi Kilby.
Six weeks ago, the Kilbys put their north Peoria home near Happy Valley Road and 73rd Avenue on the market.
“I thought for sure I would have my house sold by now,” she said.
But that “for sure” feeling hasn’t come yet, even with the listing’s recent price drop. “I honestly feel like it’s just uncertain times right now,” explained Kilby.
Kilby’s home is one of nearly 20,000 that were on the active market in the Phoenix metro area in April. That month was the highest number of active listings in the area in several years.
“You’ve got a lot more competition if you’re selling, so you might have to do a lot more concessions, maybe lower the price,” says Independent Real Estate Market Analyst John Wake. “We’re to the point where the number of homes for sale, the supply of homes for sale, is so high it’s starting to put downward pressure on prices.”
While the supply of homes has been on the rise, the prices are still unaffordable for many. The median listing price for a home in the Phoenix market was $525,000 in April, which is also a near high over the last several years.
“Supply has been increasing, meaning over last year and the year before, we’re listing more houses, but more importantly, demand is now decreasing because prices are still unaffordable,” said Valley Realtor Jeff Sibbach.
While both Wake and Sibbach say a price correction could be coming soon, sellers like Kilby are waiting too.
“I’m just being faced with a decision to rent it out or hold and keep it on the market a little bit longer,” she said.
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Have questions about how the current real estate market affects your property? Call the Sibbach Team at 480-500-1738!
