Phoenix Metro Real Estate Market Update

Last Monthly Market Update.

The Newsletter will be the only real estate market update every month from now on.

Last year was annoying, tbh. What could we expect from 2024? Click here to watch this month's video.

• Mortgage rates were out of control last year. In mid-Oct, it peaked at just over 8%.The last time it was that high was June 2000. (I moved here a month later, in fact.)

• Rates have been trending down, we're in the 6% range now.That might not make you happy, but it sure makes me jump for joy. The nation's average is in the 7-8% range, so 6% is better than you think.

• The Phoenix Metro loves to be in a seller's market and can't stay away from that for long. Literally. We had 7 weeks of a balanced market for the county and we're already back into overall seller's market territory, albeit a mild one so far.

• Watch this 2:45 minute video to see how our population, rates, number of buyers, and volume of listings are all interconnected. It is due to these stats, how well the economy is doing (how it is actually performing and not the pervading perception) and more, that I'm bullish on 2024.

Are you considering buying or selling a home? Reply to this email or text me at 602-730-2143.

Want to see something really cool? Look at the heat map on the left. It is dated 12/30/23 and is mostly blues and greens. Now look at the one on the right, dated 1/27/24. See the dramatic color changes?

Blue is for a cool buyer's market. Green is balanced. Orange is a warm seller's market. Red is hot and maroon is a frenzy seller's market. Yeah, national real estate stats might not be looking all that great, but over here in the Phoenix Metro, specifically Chandler, Gilbert, Mesa, and Apache Junction, we are beginning the year just fine.

Click here to start the video or watch this on Instagram, Facebook, TikTok, or Threads. If we aren't already connected, I can be found by searching "Nancy Wittenberg Real Estate."

If you are considering buying or selling a house, and would like specific market details for your unique situation, reply to this email.

I'd be happy to provide an insight and answer your questions.

What will happen in 2024?

I think the little blue line above will continue well into the 200s, which means a solid seller's market. My crystal ball also thinks the Valley's appreciation will be between 8-10% from Jan 1st through Dec 31st, 2024. What do you think?

Reply to this email and let me know what you think. I REALLY want to know.

A warm thank you to the Cromford Report, and Tina Tamborer, for her invaluable insights and data for this update.

If you know anyone considering buying or selling a home, please don't keep me a secret! I love working with friends, family, and co-workers.

Simply reply to this email or call/text me at 602-730-2143.

In the meantime, follow me by clicking on one of the links below for your favorite social media site. I post a ton more content there that I'm sure you'll find interesting.

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Nancy Wittenberg