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A Great Start in 2017 for Phoenix Metro Home Sales
In December 2016, Realtor.com predicted that Phoenix will become the number 1 market in 2017. Home sales are expected to hit as high as 7.2% over 2016 sales volume. With January figures in, it looks like the Valley is on it's way to live up to the hype.
" Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home." Lawrence Yun - NAR Chief Economist
Per the latest sales data presented by the Arizona Multiple Listing Service, total home sales in January 2017 ended at 5,932 units, a 15.6% increase compared to last year. As expected, less homes sold in January vs December 2016 with sales down by 15.7%. Inventory levels are still down, while housing demand remain strong. The median home price jumped to $225,00, a 7.1% increase compared to the same period last year.Mesa AZ Market ReportChandler AZ Market ReportGilbert AZ Market ReportQueen Creek AZ Market Report
Retiring boomers and millennials are shaking up the real estate landscape. Millennials are geting married and growing a family. An estimated 50,000+ Phoenix Metro area foreclosures will be removed from credit reports in 2017. This means that there will be a higher number of qualified buyers for homes listed on the market- which means more competition for homes available on the market. If you have finally decided to buy a home this year, the first step is to get pre-approved for your mortgage. This would you an idea how much house you can buy. Interest rates are on the rise because of anticipated wage and job growth. However, higher borrowing cost has yet to slow down Maricopa real estate market.
Many first-time homebuyers are not aware of low down payment programs that they could qualify for. You might qualify for 3%, 5%, 10%, 15% down payment programs. Talk to us, we work with trusted lenders that offer the best program suited to your needs.
Find Homes for Sale in SouthEast Valley AZ
High buyer demand, short supply of homes is resulting to higher median home price. New home builders have been creating new supply for buyers, mostly in the $300,000 to $500,000 price range, especially in North Phoenix, South Phoenix, Mesa, Gilbert, Peoria and Buck-eye. However, there are still not enough homes to satisfy the number of buyers in the market.
What's new? This February, new standard real estate contracts in Arizona no longer require sellers to have air conditioning, electrical, plumbing and major appliances such as hot water heaters and garbage disposals in working order.
If you are thinking of selling, now might be the best time to do it. Qualified buyers are out in force. Homes are being snapped up as soon as they come out on the market. There is very litle competition, especially in the lower price range. Priced right and marketed right, your home could get sold fast and for a good price.
Phoenix Metro Real Estate Report Summary
Sales are Up. 5,932 units sold, +15.6% year-over-year, down -15.7% month on month
Inventory Down. Compared to the same month last year, total inventory is down by 6%. Compared to last month, inventory was 3.2 in December with January at 4.1. A balanced market has 6 months of inventory.
Home Prices Rise. January saw a jump in median sales price to $225,000, a 7.1 % increase vs January 2016.
Average Days on Market Rise. It took +1 day more to get homes under contract at 81 days on the average year-over-year.
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 detailed market reports in the neighborhood where you are considering selling or buying. 480.242.3079 | firstname.lastname@example.org