Market Trends – July 2023 Update

Overall, our local markets continue to experience low inventory which is helping to keep prices relatively stable.  We are in the full swing of the summer market and even with rising interest rates, we have seen prices remain stable or increase.  Due to the low inventory we are seeing the return of multiple offers.  Interest rates are fluctuating from the mid 6s to low 7s.  Inflation and interest rate hikes will continue to affect our market.  Another bit of good news is that home value appreciation over the past 3 years has remained strong, so if you’ve owned your home for a few years or more you are in a very good position to sell.  Predictions are that when interest rates begin to fall we will see a much bigger increase in inventory which could have an effect on pricing.

In both the North & West Valley, we have seen appreciation of over 30% when looking at prices 3 years ago.   These are enormous gains in value!!  In the west valley we also saw a slight increase in month over month prices. While each neighborhood may be different, this is an important perspective to keep in mind if you are considering selling.  Not just to see the gains you have made, but also where the reality of an appropriate list price will be.

If homes are priced properly, they will have a better chance at spending less time on the market.  As I’ve discussed previously, the rise in interest rates and continued inflation are caused a lot of changes in our market and affect the buying power of those looking to purchase, but both buyers and seller have settled in to this new market and continuing to move forward.  Ultimately, when it comes to price, it will always come down to condition, area sales and what others are willing to pay for the same house.  If you are interested in learning more about your options or to discuss this in more detail, please feel free to call or email.