Phoenix real estate housing inventory beginning to recover

by Andrea Crouch

In the nearly 17 years in this industry, we are in one of the most complex markets of all time. We are stretching muscles and putting our experience to work to serve home buyers and sellers. The level of creativity in getting offers accepted, as well as the agility required, is exhilarating! As Realtors, we are able to use the skills we have developed and navigate the waters with all of the critical steps involved in a home sale or purchase. We are passionate for our neighbors in every zip code!

The Phoenix real estate market is still very much in a seller’s favor, and yet we are definitely seeing early signs of a shift. Just over the past couple weeks, we have had more new listings hit the market than we have in a very long time. This is a great sign that we could see inventory begin to recover and get into a more balanced market. Price is not the most accurate indicator. Particularly with the activity we have had on listings. Owner-occupants who have been frustrated and beat out by other cash buyers, may have a better chance as investors ease up on their purchases.

April is historically one of the best months for the market, but our contract signings are lower than last year. That tells us that active listings are on the market more than five minutes, and we could be able to breathe for a second before scheduling showings. We are watching closely the inventory and the stats, and we are reading what the analysts have to say while staying focused on serving our clients and meeting their needs.

The reality is that housing is one of the major spokes in the wheel in our economy. We still need more homes for buyers. We still need more sellers to take advantage of their equity, and make a move to right-size.

We enjoyed our time at the open house of our new office, which Mayor Kate Gallego attended in honor of Fair Housing Month. She presented the Phoenix Realtors with a proclamation of Fair Housing Month for her dedication to the fight for fair housing, helping every resident realize the American dream. She issued her unequivocal support for the Fair Housing Act and commitment to reducing barriers in housing for all residents.

The Leadership Circle of Phoenix Realtors also attended the State of the City address where Mayor Kate Gallego shared the exciting developments currently in the works in our city. The $12B (Yes that is a B for billion!) project of the TSMC (Taiwan Semiconductor Manufacturing Company) under construction right now in North Phoenix. I am personally excited for this as we have so much room for growth in this area, right in my backyard! “I told [Jill Biden] then what I’d like to share with you now — I intend Phoenix to be the strongest semiconductor hub in the United States, with the best semiconductor training programs in the world,” Gallego said.

She shared ideas of Diamond Age moving their headquarters to Phoenix, joining long tradition of innovative homebuilders in our city. They are committed to build or preserve 50,000 homes by 2030.

Our city is truly an incredible place to call home, and we have endless opportunities to draw residents here with our weather, our affordability and employment options.

Our city council is committed to ensuring Phoenix offers affordable housing options for all. The vision of the Housing Phoenix Plan is a city where all residents have equitable access to quality public services and amenities: including public spaces; schools; transit; retail; employment opportunities; affordable housing; and environments that are healthy and safe.
As Realtors that is our primary focus as well. We wake up every day excited to serve a homebuyer or seller with their real estate needs. Sometimes that is an exciting time, sometimes it is in tough times. We walk them through each one with care and protection.

I am headed to Washington D.C. this week for the National Association of Realtors Legislative Meetings to continue to protect private property rights for all. This event is an exciting one where we gather and head to Capital Hill in an effort to work through legislation that pertains to homeownership. I am honored to serve the Phoenix Realtors and represent all members of the association as well as my neighbors.

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