2023 March Metro Phoenix Market Update
Happy March! It’s hard to believe that 2023 is almost a quarter of the way gone. See below for the March Phoenix Area Real Estate update for March. We’re shifting again so buckle up! Also, don’t forget that you can follow Gannon Hamilton Real Estate on Instagram and Facebook. Check us out, give us a like, and feel free to spread the love!
Here is your Phoenix area Market Update:
Change is a constant we can depend on, especially in the real estate market! We have officially shifted back to a (mostly) seller’s market. The Cromford Report said it best:
“The contract ratio for all areas & types has risen above 60. This means we are officially in a hot market again. You should therefore anticipate house price rises over the coming months, no matter what you read in the media, which tends to base their reports and projections on housing data that is one to several months out of date, such as the S&P Case-Shiller® Home Price Index®. The opportunity to buy at the bottom of the correction occurred in the fourth quarter of 2022. Congratulations if you bought when everyone else was fearful. That was good market timing.”
This doesn’t mean that now is a bad time to buy. In fact, this is the time to buy before the market rises even more. So give us a call and we can talk about your options!