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!
The closed sales summaries below will help you identify communities with an average sale price within your price range.
|Chandler Condos for Sale|
|Condo Sales - 43|
|Avg Sales Price - $184,816|
|Homes for Sale Chandler AZ|
|Home Sales - 320|
|Avg Sales Price - $339,496|
|Gilbert Condos for Sale|
|Condo Sales - 29|
|Avg Sales Price - $199,751|
|Homes for Sale Gilbert AZ|
|Home Sales - 435|
|Avg Sales Price - $345,709|
|Mesa Condos for Sale|
|Condo Sales - 135|
|Avg Sales Price - $147,692|
|Homes for Sale Mesa AZ|
|Home Sales - 543|
|Avg Sales Price - $272,600|
|Phoenix Condos for Sale|
|Condo Sales - 334|
|Avg Sales Price - $194,746|
|Homes for Sale Phoenix AZ|
|Home Sales - 1370|
|Avg Sales Price - $307,764|
|Scottsdale Condos for Sale|
|Condo Sales - 239|
|Avg Sales Price - $313,497|
|Homes for Sale Scottsdale AZ|
|Home Sales - 407|
|Avg Sales Price - $604,827|
|Tempe Condos for Sale|
|Condo Sales - 55|
|Avg Sales Price - $189,601|
|Homes for Sale Tempe AZ|
|Home Sales - 122|
|Avg Sales Price - $318,687|
Maricopa County and Pinal County Single Family Detached Home Sales:
October 2017 Compared to October 2016
Maricopa County Single Family Detached Homes:
Pinal County Single Family Detached Homes:
Phoenix Real Estate Market is considered a Seller's Market with a 3.9 month supply of unsold single family detached homes and attached properties for sale on the market based upon 5,287 sales during October 2017 with a current inventory of 20,559 ACTIVE properties of all types for sale. A healthy, balanced real estate market that neither favored the seller over the buyer or vice versa would have an ideal 6 months of inventory.
The highest listing inventory this 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.
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 174 distressed property sales (HUD, REO & Short Sales) in October 2017, representing 3.3% of sales of all property types.
Arizona Single Family Home Sales UP 3% Statewide from a year ago:
Arizona Regional MLS statewide data shows 6153 single family homes transacted during October 2017. Locally, home sales are FLAT at +0% in Maricopa County and UP 22% in more affordable Pinal County!
November 20, 2017 - NEW HOME SUBDIVISION UPDATE -
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 the many ACTIVE New Home Subdivisions - including those in the city of Chandler and Gilbert AZ.
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 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 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 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!!!
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