Phoenix AZ Real Estate Market Performance Report
Phoenix AZ Real Estate Market Report summary for October 2016 shows average home prices have risen 6 -11% in metro Phoenix, comparing housing prices to the same month a year ago in October 2015. See which cities have been outstanding performers.
For those of you who want to become a first time home buyer or move up to the home, you always wanted, sitting on the fence, waiting for spring may not be your best option. You can see home prices are up and the beat of the drum for higher interest rates getting louder. The Fed is persistent about raising loan rates but keeps deferring rate increases to their next meeting. Rates are going up, it is just a matter of when.
This year mortgage rates dropped from where they were. But some financial experts are forecasting higher interest rate hikes that could reduce your purchasing power by as much as 19% in 2017! Everyone hopes they are wrong... but hoping doesn't affect the outcome. If you are in the market for a home, you can control your outcome by taking action while the timing is right.
So should you wait until Spring 2017 to buy? Springtime always brings more buyer competition for the best homes, sellers will be emboldened to say no to concessions and forecasts for higher interest rates, if correct, will reduce your purchasing power.
October 2016 vs October 2015 Real Estate Market Trends by City
Chandler AZ homes for sale
Active listings: 1240 (-11%)
Closed Sales: 374 (+26%)
Avg Sales Price: $318,064 (+9%)
Gilbert AZ homes for sale
Active listings: 1471 (-5%)
Closed Sales: 424 (+26%)
Avg Sales Price: $315,574 (+6%)
Mesa AZ homes for sale
Active listings: 2018 (-0%)
Closed Sales: 547 (+21%)
Avg Sales Price: $264,349 (+9%)
Phoenix AZ homes for sale
Active listings: 5169 (- 1%)
Closed Sales: 1311 (+ 6%)
Avg Sales Price: $282,082 (+ 7%)
Scottsdale AZ homes for sale
Active listings: 2834 (+4%)
Closed Sales: 394 (+4%)
Avg Sales Price: $653,733 (+11%)
Tempe AZ homes for sale
Active listings: 439 (+6%)
Closed Sales: 115 (+27%)
Avg Sales Price: $304,874 (+10%)
Other buyers realized now may be the best time to buy and successfully acquired their dream home. Shouldn't we make sure you aren't missing out on a great home buying opportunity?
And for all of you home sellers wondering if there are buyers in the market during the holiday, I can assure you there are plenty of serious, qualified buyers who need to buy a home this time of year. Call me to provide you a comprehensive market analysis and an estimated net closing sheet.
Arizona Associate Broker, Graduate, REALTOR® Institute, CRS, e-PRO, SFR
Berkshire Hathaway HomeServices | Arizona Properties