Supply & Demand
Now that we have the news of the new brokerage office out of the way, I guess it’s time to let you know the really big news! Ashley and I are expecting a baby girl this July! Our son, Cash, along with the rest of us couldn’t be more excited to welcome the first Blalock girl into the family. I grew up with three brothers so the addition of a girl will come with a bit of a learning curve 🙂
While my family will reach “equilibrium” with our newest addition, the real estate market in Arizona is short of supply. As of March 17th, the MLS only had 20,308 active listings in all of Arizona. Now, you may think 20,000 listings is a lot, but approximately 7,000 homes are sold every month! This means that we have less than 3 months of inventory available to buyers throughout the Valley. Basic supply and demand would tell you that this is definitely a seller’s market.
In the Arcadia zip codes of 85018 and 85253, the market isn’t as tight. There are currently 740 active listings and 96 homes were sold in February. While the market isn’t completely short of supply, homes are moving quickly with an average of only 80 days on the market. Anything under $400,000 is selling in the first couple of weeks and quality offerings in Arcadia Proper are scarce. Look for the market to remain steady to hot throughout the summer.
Our doors over at The Brokery on 40th Street will be opening this month! Ride on over and check out our neighborhood real estate experience. This brick and mortar real estate showcase is the first of its kind and I’m very excited to share it with you all.
*Number are based on ARMLS statistics as of March 17, 2017