With all that is going on around us, have you been curious about how the real estate market is doing? The news can only give so much information and they often tell only a small part of the story. As full-time real estate professionals, we keep up with all of the trends, data, and reporting for Arizona and the U.S. At Success Real Estate Group, we take pride in knowing everything that is going on in our industry. One of the sources we get our information from is the Cromford Report, which is a daily real estate market snapshot for Arizona. It is chock full of data and we love it! So, we thought we would share some numbers and news with you about the Arizona Real Estate market right now.
A recent Cromford Report showed us that supply is 65% below normal and demand is 21% higher than normal. The numbers also proved that it is still a strong seller’s market. We can tell this because the higher above 100 the demand index is, the stronger seller’s market it is.
What seems to be surprising to most people is that the luxury real estate market is HOT right now! High-end homes continue to sell at a rapid pace and for higher prices than in recent years.
We also have been seeing a lot of homes continue to sell above the asking price. The following Cromford report shows that, especially in the lower price range. Several of our clients who are selling their homes right now have been getting multiple offers. It feels like 2005 all over again.
If you are ever curious about the real estate market, what your home is worth or what you can qualify for, feel free to reach out anytime. Our team is here to help. Learn more about us here…Success Real Estate Group.