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March 2017 Real Estate Market Report

Phoenix Market On It's Way To Number 1?

The US real estate market stumbled in February 2017 however in the Phoenix Metro area housing market things are looking up. Conditions continue to favor seller over buyers for homes listed below the median home price. The demand for affordable housing remain strong, even with less homes available on the market compared to last year. At this point, its too early to tell, but if this trend continue Phoenix is definitely in the running for 2017's best real estate market!

Strong Feb 2017 Home Sales

Following January's strong performance , home sales in the Phoenix Metro area sustained strong sales with a total of 6,435 homes sold according to data presented by the Arizona Multiple listing service. February sales were up 12.5% vs last year and 8.5% month-over-month. January home closings were up 15.6% year-over-year.  MLS sales for the first two months of 2017 are 14% higher than 2016, which is a nice start to 2017.

Mesa AZ Market Report
Chandler AZ Market Report
Gilbert AZ Market Report
Queen Creek AZ Market Report
 

February 2017 saw prices jump 7.5% from a year ago with the median sales price coming in at $230,000. The number of new listings and active listings is significantly lower than last year. 

Phoenix Metro Homebuyers

Our advice to homebuyers debating on making a purchase: don't wait too long!

  • Mortage rates are expected to go up because the Federal Reserve is expected to raise rates two more times this year. Analysts are saying that there is a good chance that mortgage rates could go to 5%. 
  • It's easier to get a mortage. Credit score requirement is down and downpayment requirement for buyers can be lower than 5% of the purchase price.
  • Home prices are on the rise.
  • 88% of property managers raised their rent in the last 12 months!

If you don't get in soon, you are going to miss lower rates, prices will be higher and inventory might be worse. Contact a local professional who can help you understand your options and set you on the path to preapproval.

Find Homes for Sale in SouthEast Valley AZ

Mesa Homes for Sale      Giilbert AZ Homes for Sale           

Visit my website to see the latest homes for sale in ChandlerGilbertMesaQueen Creek or to be notified when SE Valley homes come on the market.

Phoenix Metro Homesellers

Are you looking to sell? Don't wait!

  • According to the latest Cromford Report, the success rate of homes that closed with a sale, rather than expiring or being cancelled is 87%. This is for properties listed below $200,000 or less.
  • Homes are selling fast, homebuyer demand is skyrocketing.
  • Supply of homes for sale is down. There has not been a normal 6-month supply of inventory for years!

Meet with us to discuss the best market strategy to sell your home fast and for top dollar! 

To find out what your home is worth in the current market checkout our free Instant home value estimator or Contact Us for a personalized valuation. 

 

Feb 2017 Phoenix Metro Real Estate Report Summary

market summarySales are Up. 6,435 units sold, +12.5% year-over-year, down +8.5% month on month

Inventory Down. Compared to the same month last year, total inventory is down by 9.6%. A balanced market has 6 months of inventory, February had 3.85.

Home Prices Rise. February saw a jump in median sales price to $230,000, a 7.5 % increase vs February 2016.

Average Days on Market Rise. Homes go under contract at  83 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 specific averages/statistics in the neighborhood where you are considering selling or buying. 480.242.3079 | thebartongroupaz@gmail.com

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February 2017 Metro Phoenix Real Estate Market Update