Phoenix Arizona Real Estate Market Update August 2017

Phoenix Arizona Real Estate Market Update August 2017

Of course, the numbers will vary slightly for the East Valley cities of Chandler, Gilbert, Mesa, Queen Creek and the surrounding areas, but in general, home values are on the rise in the Phoenix area! Thanks to Beth Cox, Lead Market Analyst with United Brokers Group, I am able to share the following information with you:

“Though certainly still a stable seller’s market overall in Metro Phoenix, pricing momentum has shifted to give buyers reprieve and encouragement.  Although we saw a 15.1% drop in new inventory in July, demand (aka # of closed sales) had even more of a drop, down 24% from June to July.  The number of active listings is up 3.6% from a month ago, so buyers may start to feel like they have more choices and won’t experience quite as many bidding wars, especially in higher price ranges where listings have been accumulating for several years.  After several months of large upward jumps in price, the average sold price dipped back 2.1% in July, below $300K to $298,464.

Sellers shouldn’t panic because this is part of our normal yearly cycle.  Both sellers and buyers historically enter the market at slower rates for the second half of the year, so we expect that typical dance that causes to plateau relative to the busy spring months.  The presidential election dust has settled and 30-year fixed interest rates have dipped below 4% yet again.  The ratio of buyers to sellers so far for 2017 ranges from 0.95 in the $0-$200K price range to 0.40 in the $1M+ range.  In other words, there’s an eager buyer for each seller in the lowest price range, and multiple eager sellers for every buyer in the highest price ranges.  As always, it’s best to closely scrutinize recently closed comps with a diligent agent before offering to buy or sell your home.” [Data Source: ARMLS]

– Beth Cheney Cox, Lead Market Analyst for United Brokers Group

If you are looking to sell your home in the East Valley, then NOW is definitely the time to list. New inventory is down, which means this is a “seller’s market” and the perfect time to put your home on the market. If you are a home buyer in the East Valley, and you are apprehensive about entering the real estate market right now, please don’t hesitate! Interest rates are still at historic lows and it is still a great time to buy a home! I would be honored to serve you and help your offer be accepted above the rest!

Want to take a peek at homes for sale in Gilbert, Chandler, Mesa, Queen Creek and beyond? Look no further than the FREE home search tool on my website, it is easy to use, requires no registration (unless you want to save your search) and it is reliable and real-time as compared to many of the other home search websites out there like Zillow/Trulia which are consistently inaccurate.

SEARCH HOMES FOR SALE IN ARIZONA

Keely is an experienced, local Realtor serving the areas of Gilbert, Chandler, Mesa, Queen Creek and the surrounding communities in the East Valley. She would be honored to assist you on your real estate journey and help you to navigate the process of buying and selling AZ Real Estate. From start to finish, she will be there to support you, answer your questions and calm your nerves at times too!

Keely_Semon-2
Keely Semon
East Valley Arizona Realtor
United Brokers Group
480.220.1321

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