The Real Estate Market Phoenix AZ
Is good for sellers with low supply of homes for sale and low interest rates. It continues to be more expensive to rent than own a home. This situation is good for homeowners as they see their home values rise and investors who see both their equity and rental income increase.
Average Sales Price up 4.3% to $295,800 and Median Prices up 6.6% to $245,000 year over year. The single digit appreciation in home prices is not indicative of a market heading towards some type of bubble.
67 Average days on market compared to 76 days the same time last year. This number is listing date to closing date. So the time to obtain an offer(s) can be quite short.
Only 2.3% of sales are distressed – Short Sales Down 47.5% and Foreclosures down 21.1% year over year.
Per ARMLS Stat: “While our supply of active listings increased in October, the overall listings are 7.9% lower than a year ago. This is characterized by too few homes for sale at the low range and too many for sale at the top. As a result, prices continue to rise quickly at the bottom of our market while dropping slightly at the high end.”
Interest rates continue to be at historic low 4% range. Many experts are predicting rate increases. Keep in mind good economic news generally results in higher interest rates.
Median Rent is now $1350/month & Average Rent $1537/month according to ARMLS (Arizona Regional MLS). Rents have gone down slightly month over month, which is due to season trends.
However, compared to Nov 2011 Median Rent was only $1099 and Average was $1271 there has been a substantial increase. Rental prices continue to increase and mortgage interest rates remain low – it is cheaper to purchase a home than rent one. The is great for investors. First time buyers who want to get out the rental market and become home owners can actually lower their monthly payments.
Opportunities for Buyers & Sellers in the Real Estate Market Phoenix AZ
Sellers this is a great time to sell! Most sellers are in an equity position as home values have increased. Current inventory continues to be below normal, which means less competition and shorter time on the market.
Buyers this can be a challenging market, because you need to be prepared that you may be facing competition from multiple buyers for the home you want to purchase. Interest rates are still low. However, depending on which expert you believe, interest rates may rise. Before you go shopping for a home you need to be well prepared to make an offer and you need an experienced real estate agent to represent your interests well.
You don’t need 20% down to purchase a home. There are programs requiring as little as 1% down payment, if you qualify. Even FHA only requires 3.5% down. Veterans – the VA Mortgage Program is ZERO Down. In some cases, you are coming up with less than you need to rent a home. You pay a mortgage either way – yours or your landlords.
Searching for something special? Let me setup a Free Custom Search so you get instant notifications when new homes go on the market, prices change or when homes go under contract.
Are you curious about the value of your property? Request a Free Market Analysis. Free consultations on what you need to do to maximize your selling price and minimize your selling time.
Have you considered buying or selling? Do you have questions? Contact me and let’s talk about your options and how you can accomplish your goals. Call or text: 623-332-7755 or email Jamie@JamieLevy.com.
I look forward to talking to you!
Associate Broker | REALTOR ®
PS Want to search homes on your own?
Free Mobile Property Search App for Cell Phones and Tablets
Download the Free Mobile Property Search APP to your cell phone or tablet:
Text 87778 Code WUSAWFE or go to http://app.westusa.com/WUSAWFE
This gives you instant access to all the properties listed in the Arizona Regional MLS. Best part you won’t have a Gazillion real estate agents trying to contact you from the big consumer home search advertising sites like Zillow, Trulia, REALTOR etc.
*Data based on ARMLS Statistics through October 2017 Published Nov 14th, 2017
Real Estate Market Phoenix AZ