The Phoenix Market is Continuing its Robust Growth

So much real estate information provided to us comes from sources analyzing national trends in the housing market. While the information is accurate, it frequently does not paint a true picture of local activity in your own neighborhood. Home sales across the country have dropped slightly from March to April and again to May. Meanwhile, as you will read below, the Phoenix market is continuing its robust growth. If you want to know what is happening locally, trust your local experts.

The Phoenix Real Estate Market continues its trend for 2017 with the number of Sales increasing and the number of new active listings falling. Most agents stay abreast with our trends but there remains more than just a few that use outdated information when pricing their client’s homes. As a result, I am still finding a number of homes being offered for sale that are below true market price, although it is reflected in the fact that those homes were on the market for less than three days and ultimately sold for more than asking price.

In the Metropolitan Phoenix Area, sales increased 11.3% from April 2017, and increased 11.1% compared with May 2016. New Inventory is up 1.8% from April, and has also increased 6.4% from 12 months ago. Total inventory of homes for sale is down 2.7% from the month prior, while year-over-year reflects a decrease of 9%. Supply of inventory decreased from 2.79 to 2.44 months. The year-over-year median list price was up 5.3%. The average sales price increased 6.5% and the median sales price also rose by 6.3%. Pending foreclosures showed a decrease of 2.9% from April and were down 24.2% from one year ago. Average Days on Market decreased 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 again turn on. 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!

Now is a great time to own real estate in Phoenix!