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Metro Phoenix Home Sales Hotter!
Home sales in the Phoenix Metro area is as hot as the weather according to the latest data released by the Arizona Multiple Listing Service this June 23, 2017. More people entered the market last month as a result homes were flying off the market at a record pace. Conditions continue to favor sellers over buyers for homes listed under the median home price.
" Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions."
The total home sales in Phoenix Metro in May 2017 ended at 9,641 units. It is 11.3% higher than the total of 8,676 last year. The median home price increased to $240,000, higher than last month and 6.3% higher than last year. Inventory of homes for sale continue to slide. It is lower than last year by over .50 points at 2.44 months supply.
Mesa AZ Market ReportChandler AZ Market ReportGilbert AZ Market ReportQueen Creek AZ Market Report
Phoenix Metro Homebuyers
With limited supply and steady demand, particularly at the lower price points, the median sales price in Phoenix Metro is expected to continue to rise. CoreLogic’s latest Home Price Index reports that home prices will increase at a rate of 5.1% over the next year. Mortgage rates are also projected to increase. Higher rates = higher mortgage payments if a mortgage is necessary to buy your new home. 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
Generally high prices, limited availability, and quick sales of those homes that do come up for sale make the Phoenix Metro real estate market a favorable environment for sellers. The latest report show homes are selling much faster by 5 days at 72 Days on market. Our listings now typically go under contract in less than a week!
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.
March 2017 Phoenix Metro Real Estate Report Summary
Sales are Up. 9,641 units sold, +11.11% year-over-year, down +11.3% month on month
Inventory Down. Compared to the same month last year, total inventory is down by 9%. A balanced market has 6 months of inventory, March had 2.44.
Home Prices Rise. March saw a jump in median sales price to $240,000, a 6.3 % increase vs May 2016.
Average Days on Market Drop. Homes go under contract in 77 days on the average, 5 days faster compared to last year at 77 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. 480.242.3079 | firstname.lastname@example.org