Analysis of the August Phoenix home buying market based upon July 2015 preliminary MLS single family residential sales data as compared to July 2014:
- Inventory is down 13% to 25,309 single family homes on the market for sale
- Sales volume is up 15% to 6,687 homes sold during the month of July 2015
- Average sales price is up 5% to $282,094 from July 2014.
- Presently we have a very healthy 3.8 month supply of homes based upon July 2015 inventory of homes for sale and closed escrows.
MLS stats for cities served by Sam Elam:
Inventory of Chandler homes for sale is down 11% with Sales up 13% and Prices up 3%.
Inventory of Gilbert homes for sale is down 14% with Sales up 10% and Prices up 4%.
Inventory of Mesa homes for sale is down 14% with Sales up 1% and Prices up 5%.
Inventory of Phoenix homes for sale is down 15% with Sales up 12% and Prices up 5%.
Inventory of Scottsdale homes for sale is down 1% with Sales up 21% and Prices up 10%.
Inventory of Tempe homes for sale is down 16% with Sales up 17% and Prices up 8%.
It has been predicted the pool of buyers would expand as those former homeowners, previously in the lender penalty box, are now eligible for a home loan again. This could explain the increase in the number of homes sold. But in spite of the increased competition for homes, this is a very rational market, as evidenced by the overall average sales price of homes only increasing 5% in a year. There is no wild speculative bidding up home prices - no bubble to burst.
So what does this mean to an Arizona home seller? Price your home to market value when you go on the market. You never get a second chance to make your first market impression. Price it right and the buyers will come and buy. Price your home to sell, not sit on the market unsold.
Call Sam at 480-213-1799 to get the truth about your home's market value. He'll be glad to show you how he arrived at the recommended list price which translates into a higher sales price. The faster your home sells, the higher the sales price will be. The longer your home lingers on the market unsold, the lower its perceived value becomes. Buyers will start looking at your house critically to figure out what is wrong with the home that has kept it from selling. You don't want to go there.
Sam Elam has been actively selling residential real estate for 25 years - experience with a smile.