For months now, YouTube real estate so-called “experts” have been predicting a market crash, a drop in prices, and depreciating home value. I wonder if they get tired of being wrong?! This is your market update for May 2024 for the Phoenix metropolitan area.

The average sales price per square foot for closed listings hit an all time high in the last few weeks, topping out at over $309. The average sales price in the Valley also hit an all time high at $622,000, while the median sales price rose to $450,000.

Predicting what will happen in a real estate market is not easy. Prognosticators predicted poor performance with higher interest rates impacting demand. But supply has also dropped with sellers unwilling to part with their current lower mortgage rates, keeping the market in a steady growth rate. Though transaction volume is down, low inventory is keeping prices on the rise.

Home prices will fall when supply exceeds demand. And with a strong Valley economy and continued population growth, we should continue to see increasing prices and values overall in the Valley for the foreseeable future.

Want to know about what’s happening in your part of the valley? Give me a call!

Ted Bland
Associate Broker, Realtor
Libertas Real Estate, LLC
250 N. Litchfield Rd. - Suite #261
Goodyear, AZ 85338

http://www.TedBland.Realtor
(480) 612-1919

00:00 Introduction
00:16 Average Prices
00:35 Wrong Predictions
01:00 Strong Fundamentals
01:10 Conclusion

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