The market in plain terms

Homes sold jumped. 14,532 sold this quarter, up from 11,853 last quarter, and above last spring too.

Prices are holding. The average dipped, but price per foot barely moved, about $299. When that happens, it usually means more mid-priced homes sold, not that homes lost value.

Buyers still have choice. There were 13,277 homes for sale at quarter’s end. Normal here is 8,000 to 9,000, so there is plenty to pick from. Homes take about 75 days to sell, which gives a buyer room to ask for a better price or terms.

The 30-year rate averaged 6.42% for the quarter. Up a bit from January. Still below last year’s 6.79%.

The high end is the story to watch

Arizona’s luxury market is on pace to break records at every level this year. Two things are pushing it. The Dow is up more than 8,000 points. And Bitcoin is still above $70,000.

Here is the part I keep thinking about. Each time Bitcoin crossed a new line, our luxury market also set a record for homes sold at $14 million and up. It happened when Bitcoin passed $45,000. Again at $65,000. Again at $100,000. Bitcoin sits near $70,000 now. That is below last year’s peak, but still above the levels that used to move this market.

So what is really fueling it, Bitcoin holding above $70,000, or the Dow up more than 8,000 points? I am watching both.

The bottom line

Own your home and just checking your value? It held, and it sits a little above last year. Thinking about selling? More buyers are out, and a well-priced home is selling. Buying? You still have wide choice and a rate below last year. I am glad to tell you what this means for your street and price range. Call or text Michael Hankerson directly at 602-770-7205.