By Frank May, Real Estate Agent
Happy May! I’ve always loved this month, partly because my last name is May, which made me feel a special connection to it as a child. It’s almost like it was named after a relative from long, long ago! I’ve since outgrown that idea, but I still love this month!
Even though it starts getting pretty hot this month, that’s ok. If we didn’t get as hot as we do, then we would see so many people moving here and that would mean traffic issues that would make us never want to leave home. Hearing people say, “It’s a dry heat,” always used to make me laugh, as I responded, “Yeah, dry like a blow torch!” Though the weather starts getting hot this time of year, I’ve come to appreciate the “dry heat” after experiencing the humidity of Brisbane, Australia. So, I’m determined not to complain about the upcoming hot days.
As temperatures rise, I’ve noticed our local real estate market is heating up too. Inventory has dropped by 10% since last month, dipping below 13,000 on our MLS. Meanwhile, the number of homes under contract has risen by over 8%. This increase in demand and decrease in supply means home prices are staying strong and even going up.
Current homeowners are in great shape with their equity, and those looking to buy are entering a thriving market. Our local area is outperforming the broader market, with an 18% decrease in inventory and a nearly 13% increase in homes under contract. With so many exciting developments planned in the city of Peoria, like changes at P83 and The Trailhead by Pederson at 83rd Ave and Happy Valley, it’s no wonder our community is thriving.
As we head into the summer months, I hope you enjoy all that our area has to offer. Feel free to contact me with any real estate questions or if you need referrals for local services.
Lastly, let’s not forget to honor those who served and made the ultimate sacrifice on Memorial Day, Monday, May 29.
Frank May grew up in the Valley, graduating from Northwest Christian School and Northern Arizona University. He is a real estate agent with RE/MAX Fine Properties and has been helping both buyers and sellers for over 20 years. He has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003. Learn more at mayteam.com.