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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 ReportChandler AZ Market ReportGilbert AZ Market ReportQueen 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
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!
Feb 2017 Phoenix Metro Real Estate Report Summary
Sales 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 | email@example.com