How’s the Market? Here is the September 2018, West Valley Market Report. As we head into cooler temps October is seasonally consider the beginning of peak season for real estate in AZ. As winter visitors return and folks dreading the snow and ice decide to relocate to our beautiful city. We will for sure be welcoming buyers back into the market as Septembers closed sales took quite a dip compared to last year. El Mirage was the hardest hit with -39.3% compared to Sept 2017, followed by Phoenix -35.8%, Avondale -32.3%, Glendale -32.2%, Buckeye -31.5%, Goodyear -25.6%, Peoria -23.8%, Surprise -20.2%, Tolleson -13.0%, Litchfield Park -10.09%, and Laven was flat with last year. Maricopa county overall reported -6.1% in closed sales over last year.
Is this dip in real estate sales an indicator of a shift in the market? Its definitely something to keep our eyes on. Another indicator of a drop in closed sales could also be the low inventory, as all West Valley cities are still incredibly low inventory levels. When there isn’t much for buyers to buy, we could still have a lot of buyers sitting on the side lines waiting for that perfect home to come on the market. With that said another stat to consider is new listings, only two cities had an increase in new listings over last year, that being Litchfield Park 17.7%, and Laveen 10.4% increase. All other cities were significantly less than last year. El Mirage -30.2%, Avondale -21.1%, Tolleson -25.4%, Litchfield Park -17.7%, Peoria -7.0%, Glendale -6.5%, Buckeye -4.6%, Phoenix -2.7%, Goodyear and Surprise are almost flat with last year. New listings taken in Maricopa county is down -5.8% over some month last year.
However, even with the low homes sales, low inventory, we did see the average days on market drop in just about all West Valley cities. That means homes going on the market, priced right and staged to sell are selling in under 40 days. We also saw many cities have a decrease in Median home prices.
We will continue to watch these critical numbers to see if the real estate market is heading for a shift. Enjoy the gorgeous weather, we will see what October brings!
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Tags: Buyers, Market Condition, Market Reports, Sellers