Sam Elam
Berkshire Hathaway HomeServices
Arizona Properties
CRS, GRI, e-PRO
Arizona Broker Lic. BR110971000
California Sales Lic. 01065106
480-213-1799  |  EMAIL SAM

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Sam Elam - Arizona Real Estate Broker at Berkshire Hathaway HomeServices Arizona Properties

Sam Elam

Arizona Real Estate Broker
 • BR110971000

EMAIL: SamElam3@msn.com

CELL: 480-213-1799

 







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Phoenix AZ Dream Home Finder Request

Current mortgage rates updated daily

 

Sam Elam Phoenix AZ Southeast Valley Blog is all about Phoenix AZ Homes for Sale, AZ Area Information, businesses, local area news, real estate investment tips and fun events that make Chandler, Gilbert, Mesa, Scottsdale and Tempe great places to call home.

 

Arizona Real Estate Market Report

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

About Phoenix Arizona Economy and Real Estate Market

 

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 moving to Phoenix or expanding existing operations include: Apple, Deloitte, Dexcom, Intel, Orbital, SAP, State Farm, USAA, 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 home buyers 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 2018 are:

#4   Gilbert, AZ for 2018 and #2 for 2017, 2016, 2015 and 2014
#9   Scottsdale, AZ for 2018, #9 for 2017, #7 for 2015
#14 Chandler, AZ for 2018 and #10 for 2017, #8 for 2016, #10 for 2015 and #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 October 2018

 

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 - 38
Avg. Sales Price - $210,310
 
Homes for Sale Chandler AZ
Home Sales - 308
Avg. Sales Price - $363,281

 

GILBERT AZ SALES

Gilbert Condos for Sale 
Condo Sales - 24
Avg. Sales Price - $198,123
 
Homes for Sale Gilbert AZ
Home Sales - 354
Avg. Sales Price - $355,800

 

MESA AZ SALES   

Mesa Condos for Sale 
Condo Sales - 141
Avg. Sales Price - $175,423
 
Homes for Sale Mesa AZ
Home Sales - 523
Avg. Sales Price - $306,805

 

PHOENIX AZ SALES  

Phoenix Condos for Sale 
Condo Sales - 349
Avg. Sales Price - $199,247
 
Homes for Sale Phoenix AZ
Home Sales - 1226
Avg. Sales Price - $344,654

 

SCOTTSDALE AZ SALES

Scottsdale Condos for Sale
Condo Sales - 217
Avg. Sales Price - $332,682
 
Homes for Sale Scottsdale AZ
Home Sales - 347
Avg. Sales Price - $754,911

 

TEMPE AZ SALES  

Tempe Condos for Sale 
Condo Sales - 59
Avg. Sales Price - $230,650
 
Homes for Sale Tempe AZ
Home Sales - 99
Avg. Sales Price - $327,540

 

Maricopa County and Pinal County Single Family Detached Home Sales:
October 2018 Compared to October 2017

 

Maricopa County Single Family Detached Homes:

  • Closed Escrows of 5229, DOWN -0%,
  • Average Home Sales Price, UP 9% to $362,971 and 
  • Time to Sell, DOWN 6% to 55 days from a year ago.
     

Pinal County Single Family Detached Homes: 

  • Closed Escrows of 624, DOWN 8%, 
  • Average Home Sales Price, UP 8% to $234,087 and
  • Time to Sell, DOWN 13% to 53 days from a year ago.

PHOENIX REAL ESTATE MARKET CONDITIONS

Phoenix Real Estate Market is considered a Seller's Market with a limited 3.7 month supply of unsold single family detached homes for sale on the market based upon 5,853 sales during October 2018 with a current inventory of 21,858 ACTIVE properties for sale. A healthy, balanced real estate market that favors neither the seller or the buyer has the ideal 6 months of inventory. We just don't have enough homes for sale.

IMPACT OF LOW HOUSING INVENTORY

The highest listing inventory last year occurred in January 2017 at a mere 3.63 months and eventually falling to 2.13 months inventory in June 2017. These levels helped push sales prices higher with many hopeful buyers disappointed and causing some buyers to dropout and sellers who planned to move to not put their homes up for sale because they were unable to get a home they wanted into escrow.

Current inventory of SINGLE FAMILY HOMES measured in months with 6 months being ideal are: Chandler (3.0), Gilbert (3.1), Mesa (3.3), Phoenix (4.0), Scottsdale (6.7) and Tempe (3.8) - a very low inventory level! Limited inventory (less than 6 months) could push prices higher or keep sellers from putting their home on the market and move because they can't find a home to buy!

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 only 127 distressed property sales (HUD, REO & Short Sales) during October 2018, representing only 2% of 5882 sales of All Property Types.

Arizona Single Family Home Sales DOWN 1% Statewide from a year ago:
Arizona Regional MLS statewide data shows 6067 single family homes transacted during October 2018. Locally, home sales are DOWN 0% in Maricopa County and DOWN 8% in more affordable Pinal County!

 

NEW HOME SUBDIVISION UPDATE as of October 29, 2018
  • 585 New Home subdivisions: 3 more than six months ago and
  • 2331 New Build SPEC homes for sale: 302 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 available for quick occupancy. 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 the many New Home Subdivisions - including those in the city of Chandler and Gilbert AZ. I will find the best homes in the best locations within your price range and the best value, by evaluating all new homes and resale homes for sale.

Median Resale Home prices are lagging Median New Home prices by more than $75,000. This is to be expected with higher land costs and all the features buyers expect in their new home. 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, having interest rates at historically low levels is keeping the cost of the typical new home affordable. 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 to provide vital services to new subdivisions such as: water, sewer, roads, electricity, gas, schools, parks, fire and police coverage, libraries and and other services to meet the needs of all of residents in new communities.

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

©2014 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. 

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

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