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Metro Phoenix Home Sales Hot!
It is peak home buying season and both the US and Maricopa home sales are smoking hot. The total home sales in Phoenix Metro in March 2017 ended at 9,116 units according to the the latest sales data presented by the ARMLS. It is 8.4% higher than the total of 8,412 last year.
"Bolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally... despite the fact that buying a home has gotten more expensive over the past year."
- Lawrence Yun, NAR Chief Economist
Q1 2017 Home Sales Highest in 10 Years
The sales volume for first quarter of 2017 has hit a new quarterly high in 10 years. The top of the Q1 market was during the bubble year of 2005.
The median home price is holding steady at S230,000, same figure as last month and 6.6% higher than last year. Inventory levels are still down, while housing demand remain strong.
Mesa AZ Market ReportChandler AZ Market ReportGilbert AZ Market ReportQueen Creek AZ Market Report
Phoenix Metro Homebuyers
The inventory of homes available to buy dropped below 3 months. This indicates a market that favors sellers. Six months supply is a balanced market.
Buyers, this doesn't mean you can't find - and buy - your dream home. I'm still helping people get the right home at the right price - it just requires more creativity and tenacity.
Have you been saving downpayment for a new home? Now is the time to buy! You might be able to take advantage of Freddie Mac or Frannie Mae's 3% down programs. Get in soon, don't miss the lower rates available! Contact us to help you understand your options and set you on the path to pre-approval.
Find Homes for Sale in SouthEast Valley AZ
Phoenix Metro Homeowners
Homes are selling fast. Our listings typically go under contract in less than 2 weeks! The supply of homes for sale is still going down and there has not been a normal 6-month supply of inventory for years!
You might be underestimating the amount of equity you have on your home. Meet with us to evaluate the equity you have on your home and discuss opportunities available.
Ready to sell? 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. 9,116 units sold, +8.4% year-over-year, down +41.7% month on month
Inventory Down. Compared to the same month last year, total inventory is down by 11.1%. A balanced market has 6 months of inventory, March had 2.70.
Home Prices Rise. March saw a jump in median sales price to $230,000, a 7.9 % increase vs March 2016.
Average Days on Market Drop. Homes go under contract at 78 days on the average, 3 days faster compared to last year at 81 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