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Phoenix Metro Home Sales Up, Prices Up
July 2017 US Home sales fell but the Phoenix Metro real estate market managed to grow by 2.9% vs last year according to the latest data released by the Arizona Multiple Listing Service on August 25, 2017. Conditions continue to favor sellers over buyers for homes listed under the median home price.
“Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,”
- Lawrence Yun, NAR Chief Economist
The total home sales in Phoenix Metro in July 2017 ended at 7,853 units. It is 16% lower than the sales volume in June 2017, however, this is not a cause for concern as sales volume typically drop following the busy selling months of May and June. The median home price jumped to $242,000, 7.6% higher than last year. Inventory of homes for sale inched higher at 2.74 months supply but is still well below normal levels. A balanced market has 6-7 months of supply of homes for sale.Mesa AZ Market ReportChandler AZ Market ReportGilbert AZ Market ReportQueen Creek AZ Market Report
Advice To Phoenix Metro Homebuyers
The persistent lack of supply plus huge demand for affordable housing due to strong migration continues to put upward pressure on home prices. If you are ready to buy your first home or move up to your dream home, do not wait. Experts predict home values to appreciate at 3-4% annually over the next 5 years. Mortgage rates declined for the fourth consecutive week, take advantage of the current low rates before it goes up again.
Buying sooner than later could lead to huge savings! Contact us to help you understand your options and set you on the path to pre-approval.
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Phoenix Metro Homeowners
Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy and move in to. The good news is if you are looking to move up to a premium/ luxury home there is more inventory available compared to starter homes. If you are relocating to another area and looking for a home of the same size, talk to a real estate pro about a contingency plan for more time to find your dream home. Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market. This will translate into a better pricing situation.
July 2017 Phoenix Metro Real Estate Report Summary
Sales are Up. 7,853 units sold, +2.9% year-over-year, down +16.4% month on month
Inventory Down. Compared to the same month last year, total inventory is down by 8.8%. A balanced market has 6 months of inventory, July had 2.74.
Home Prices Rise. July saw a jump in median sales price to $242,000, a 6.3 % increase vs July 2016.
Average Days on Market Drop. Homes go under contract in 67 days on the average, 7 days faster compared to last year at 74 days.
Blended market statistics may not reflect the true state of the market in a specific area. If you are looking to buy or sell a home in Chandler, Mesa, Gilbert and Queen Creek, contact us to see specific averages/statistics in the neighborhood where you are considering selling or buying. The Barton Group with Revelation Real Estate provides expert real estate services to residential buyers and sellers in Southeast Valley. Knowledge is power. Contact us today for more information on Mesa/ Chandler /Gilbert/Queen Creek real estate and for professional assistance navigating this dynamic home market.
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