2017 Housing Market Has Been Near Record Levels Strong

For the past six months I have been commenting that sales this year have been very strong. As it turns out, this year has been nearing record levels of strong. In the first half of 2017 sales of existing homes were the third highest in the past 17 years of record keeping. Only 2005, the year home prices skyrocketed, and 2011, when homes prices turned the corner and again started appreciating, were sales stronger. As a result, this is the highest year of sales in what is a much more normal, sustainable market – driven by traditional buyers.

For the balance of this year, based on seasonal trends, we should see a decrease in the number of home sales as well as a slowdown on home appreciation. As a result, I predict that this year will still end up in the top three or four strongest years we have had in recent memory.

In the Metropolitan Phoenix Area, sales decreased 2.6% from May 2017, and increased 6.0% compared with June 2016. New Inventory is down 4.0% from May, and has increased 3.1% from 12 months ago. Total inventory of homes for sale is down 6.2% from the month prior, while year-over-year reflects a decrease of 10.4%. Supply of inventory decreased from 2.44 to 2.35 months. The year-over-year median list price was up 5.3%. The average sales price increased 7.6% and the median sales price also rose by 6.5%. Pending foreclosures showed no change from May and were down 21.5% from one year ago. Average Days on Market increased by 5 days compared with the month prior.

Please give me a call if you are interested in purchasing another investment home. We currently have only one property advertised For Rent. I don’t expect that property to last long. At that point, our “No Vacancy” sign will turn on again. We need more inventory to rent. There are good values for sale currently (if you know where to look) which will translate into strong long term investment properties. Call me!/*