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Arizona Real Estate 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 October 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 - 43
Avg Sales Price - $184,816
 
Homes for Sale Chandler AZ
Home Sales - 320
Avg Sales Price - $339,496

 

GILBERT AZ SALES

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 AZ SALES

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 AZ SALES

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 AZ SALES

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 AZ SALES

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:

  • Sales $ Volume is UP 5%
  • Closed Escrows of 5287 LEVEL AT +0%,
  • Average Home Sales Price UP 4% to $330,060 and 
  • Time to Sell DOWN 9% to 59 days from a year ago.
     

Pinal County Single Family Detached Homes:

  • Sales $ Volume is UP 37%,
  • Closed Escrows of 675 UP +22%, 
  • Average Home Sales Price UP 12% to $215,211 and
  • Time to Sell DOWN 16% to 65 days from a year ago.

PHOENIX REAL ESTATE MARKET CONDITIONS

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.

IMPACT OF LOW HOUSING 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!

 

Phoenix New Home Update - Subdivisions and Spec Homes

November 20, 2017 - NEW HOME SUBDIVISION UPDATE -

  • 583 New Home subdivisions - 6 less than six months ago and
  • 2320 New Build SPEC homes for sale - 20 less 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 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!!!

Contact Sam

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