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AZ Market Report

Phoenix Real Estate Market Analysis of condos and homes for sale in Chandler, Gilbert, Mesa, Scottsdale and Tempe AZ

Phoenix Real Estate Market Report

 

Arizona is the 14th most populated state in the U.S. in part because our strong job market attracts many new residents seeking sunny days and western lifestyle.

Employers are moving to Phoenix or expanding existing operations including: Apple, SAP, State Farm, USAA, Intel, Wells Fargo, Bank Of America and Raytheon.

Arizona property taxes are low, cost of living is low and home prices remain affordable.

Phoenix Arizona housing remains a bargain. But prices continue to rise at a rate of 5-7% per year. Don't wait expecting prices will stay the same or go down from where they are now. That is lots of demand from homebuyers with multiple offers received for the most desirable homes.

Phoenix continues to attract employers and new residents are moving here to enjoy our climate and desert lifestyle.

Arizona's cities recognized by Law Street Media as being in the Top 10 SAFEST U.S. cities over 200,000 population for 2015 are:

  #2   Gilbert, AZ for 2015 and 2014
  #7   Scottsdale, AZ for 2015
#10   Chandler, AZ - for 2015, up from #11 in 2014

Forbes Magazine for 2015 has Mesa, AZ listed as #7 Safest City in the U.S.

Congratulations to the citizens and police forces of these great cities!

 

Average Selling Price of Homes and Condos
Closed During April 2017

The closed sales summaries below will help you identify communities with an average sale price within your price range.

CHANDLER AZ SALES

Chandler Condos for Sale 
Condo Sales - 59
Avg Sales Price - $205,460
 
Homes for Sale in Chandler AZ 
Home Sales - 419
Avg Sales Price - $331,796

 

GILBERT AZ SALES

Gilbert Condos for Sale 
Condo Sales - 22
Avg Sales Price - $194,890
 
Homes for Sale in Gilbert AZ 
Home Sales - 463
Avg Sales Price - $322,826

 

MESA AZ SALES    

Mesa Condos for Sale 
Condo Sales - 159
Avg Sales Price - $156,668
 
Homes for Sale in Mesa AZ
Home Sales - 666
Avg Sales Price - $274,225

 

PHOENIX AZ SALES

Phoenix Condos for Sale 
Condo Sales - 429
Avg Sales Price - $187,788
 
Homes for Sale in Phoenix AZ 
Home Sales - 1629
Avg Sales Price - $288,991

 

SCOTTSDALE AZ SALES

Scottsdale Condos for Sale
Condo Sales - 330
Avg Sales Price - $301,322
 
Homes for Sale in Scottsdale AZ 
Home Sales - 476
Avg Sales Price - $698,132

 

TEMPE AZ SALES

Tempe Condos for Sale 
Condo Sales - 65
Avg Sales Price - $178,011
 
Homes for Sale in Tempe AZ 
Home Sales - 148
Avg Sales Price - $312,227

 

Maricopa County and Pinal County Single Family Detached Home Sales:
April 2017 Compared to April 2016

Maricopa County Single Family Detached Homes:

  • Sales $ Volume is UP 9%
  • Closed Escrows of 6231 UP 1%,
  • Average Home Sales Price UP 7% to $329,070 and 
  • Time to Sell DOWN 2% to 65 days from a year ago.
     

Pinal County Single Family Detached Homes:

  • Sales $ Volume is UP 21%,
  • Closed Escrows of 819 UP 15%, 
  • Average Home Sales Price UP 5% to $202,513 and
  • Time to Sell DOWN 5% to 70 days from a year ago.

 

Phoenix Real Estate Market is considered a Seller's Market with a 3.5 month supply of unsold single family detached homes on the market based upon 7050 single family home sales during April 2017 and a current inventory of 24,987 ACTIVE single family homes for sale.

New home and Traditional home listings have far fewer short sale and bank owned properties to compete with and this has allowed sales prices to rise and put our real estate market correction behind us. There were a total of 186 distressed property sales (HUD, REO & Short Sales) in April 2017, representing 2.1% of sales of all property types.

 

Arizona Single Family Home Sales UP 10% Statewide from a year ago:
Arizona Regional MLS statewide data shows 7,183 single family homes transacted during April 2017. Locally, home sales are UP 1% in Maricopa County and UP 15% in more affordable Pinal County!

 

Phoenix New Home Subdivisions and Spec Homes

April 21, 2017 - NEW HOME SUBDIVISION UPDATE

  • 597 New Home subdivisions, 1 less than six months ago and
  • 2342 New Build SPEC homes for sale, 1 more than six months ago!

Availability of new homes built by the builder on speculation gives sellers, who have their home in escrow and need to purchase a home within 30 days or a new resident relocating into Phoenix, an opportunity to purchase a new home ready to close quickly. Otherwise, expect a 7 - 9 month build cycle which is a long time to wait before you can move in!!! Anxious to move? Have me start checking out all the new home developments for available Spec homes that closely match your ideal home by location, size, features and price.

Contact Sam today to have him find your ideal home in one of 597 ACTIVE New Home Subdivisions.

Median Resale Home prices are lagging Median New Home prices by more than $90,000. This is to be expected with higher land costs and all the features buyers expect. Builders are cautiously optimistic about future sales and are building enough Spec Homes to keep up with demand.

Even though New and Resale home prices are rising quickly, having interest rates at historically low levels is keeping the cost of the typical 1900 sq. ft. home the same as it was in 2005! Looking forward, interest rates are more likely to go up than stay the same or go down. If you are in the market for a new home, now is the time to buy!

There are few large tracts of land in Maricopa County available to build homes. Buyer interest for new homes in Phoenix remains strong and builders are buying land to build new homes. You can expect new home prices to steadily increase in Maricopa County, driving more growth in Pinal County.

New home Phoenix prices are higher than resale homes because: 1.) Land costs were higher, 2.) Building material costs are rising due to inflation, 3.) Labor costs due to a shortage of skilled workers are always increasing and 4.) Increased city impact fees charged developers to cover the cost of expanding infrastructure (sewer, water, schools, roads, parks, libraries, etc.) and services to meet the needs of all of residents in the new communities. You can still buy an energy efficient new home at 2006 prices - but don't wait too long. Your delay will cost you more... and there will be less SPEC home availability later when everyone wants to buy a new home.

THIS IS AN IDEAL TIME TO BE A PHOENIX NEW HOME BUYER BECAUSE OF ALL THE NEW FLOOR PLANS AND SUBDIVISIONS! IT IS NO LONGER A BUYER'S MARKET. OUR MARKET HAS CORRECTED AND NEW HOME PRICES ARE EXPECTED TO REMAIN HIGHER THAN RESALES. CONTACT SAM FOR HELP IN FINDING YOUR NEW DREAM HOME!!!

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Sam Elam, Arizona Associate Broker with 25 years of real estate experience
Sam Elam
Associate Broker

480-213-1799
samelam3@msn.com

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Comprehensive information resource for Phoenix AZ homes for sale, Phoenix Real Estate Investment Property for sale in Chandler, Gilbert, Mesa, Scottsdale and Tempe Arizona.