Sam Elam
Berkshire Hathaway HomeServices
Arizona Properties
CRS, GRI, e-PRO
Arizona Broker BR110971000
California DRE_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, #3 for 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 city Stats!

 

Average Selling Price of Homes and Condos
Closed during January 2019

 

The closed sales summaries below will help you identify communities with an average sale price within your price range. (Condos include all ATTACHED dwelling types including: Apartment Style, Duplex, Loft, Patio Home and Townhouse.)

CHANDLER AZ SALES

Chandler Condos for Sale 
Condo Sales - 36
Avg. Sales Price - $198,953
 
Homes for Sale Chandler AZ
Home Sales - 227
Avg. Sales Price - $350,978

 

GILBERT AZ SALES

Gilbert Condos for Sale 
Condo Sales - 17
Avg. Sales Price - $218,782
 
Homes for Sale Gilbert AZ
Home Sales - 255
Avg. Sales Price - $363,727

 

MESA AZ SALES   

Mesa Condos for Sale 
Condo Sales - 132
Avg. Sales Price - $177,287
 
Homes for Sale Mesa AZ
Home Sales - 405
Avg. Sales Price - $292,090

 

PHOENIX AZ SALES 

Phoenix Condos for Sale 
Condo Sales - 246
Avg. Sales Price - $212,258
 
Homes for Sale Phoenix AZ
Home Sales - 973
Avg. Sales Price - $330,529

 

SCOTTSDALE AZ SALES

Scottsdale Condos for Sale
Condo Sales - 175
Avg. Sales Price - $344,945
 
Homes for Sale Scottsdale AZ
Home Sales - 321
Avg. Sales Price - $739,381

 

TEMPE AZ SALES 

Tempe Condos for Sale 
Condo Sales - 59
Avg. Sales Price - $207,394
 
Homes for Sale Tempe AZ
Home Sales - 80
Avg. Sales Price - $343,086

 

Maricopa County and Pinal County Single Family Detached Home Sales:
January 2019 Compared to January 2018

 

Maricopa County Single Family Detached Homes:

  • Closed Escrows of 3863, DOWN 12%,
  • Average Home Sales Price, UP 3% to $368,522 and 
  • Time to Sell, DOWN 2% to 67 days from a year ago.
     

Pinal County Single Family Detached Homes: 

  • Closed Escrows of 464, DOWN 7%, 
  • Average Home Sales Price, UP 8% to $232,507 and
  • Time to Sell, DOWN 10% to 61 days from a year ago.

PHOENIX REAL ESTATE MARKET CONDITIONS

Phoenix Real Estate Market (Maricopa County) is still considered a Seller's Market with a 5.3 month supply of unsold single family detached homes for sale on the market based upon 3863 sales during January 2019 with a current inventory of 20,534 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. Currently we have enough homes for sale. As our spring market ramps up, inventory levels shrink. Contracting on a new home with delivery by mid year is ideal for the seller! Call to discuss best ways to plan your next move and how I reduce the stress and anxiety of moving.

IMPACT OF LOW HOUSING INVENTORY

Low listing inventory levels with high buyer demand pushed sales prices higher. But many hopeful buyers dropped out because they were unable to get their offers accepted and sellers, who wanted to move, didn't put their home up for sale because they were, or anticipated they would be, unable to locate and purchase another home to replace the one they are selling. If you are going to buy a home in late spring and early summer, act quickly and offer at or above list price and only ask for seller concessions you really need to make the sale possible.

Current inventory of SINGLE FAMILY HOMES measured in months (with 6 months being ideal) are: Chandler (4.1), Gilbert (4.6), Mesa (4.4), Phoenix (5.2), Scottsdale (8.1) and Tempe (4.3) inventory level of Homes for Sale!

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 77 distressed property sales (HUD, REO & Short Sales) during January 2019, representing only 2% of 3,863 sales of All Property Types.

Arizona Single Family Home Sales DOWN 12% Statewide from a year ago:
Arizona Regional MLS statewide data shows 4425 single family homes transacted during January 2019. Locally, home sales are DOWN 12% in Maricopa County and DOWN 7% in more affordable Pinal County!

 

NEW HOME SUBDIVISION UPDATE as of February 3, 2019
  • 600 New Home subdivisions: 27 more than six months ago! and
  • 2355 New Build SPEC homes for sale: 134 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 for the builder to build a new home from scratch, 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, historically our low Interest Rate 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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