How’s the Market? Here is the July 2018, West Valley Market Report. What about this Monsoon season, Wow!! Recorded breaking temperatures, crazy Haboobs and strong winds knocking trees down all over town!! Got to love summers in Phoenix, on a positive note traffic is light and grocery store lines are short! Enjoy it folks! As kids head back to school we tend to see an up swing in the market and of course once the temps cool down in mid-September and winter visitors are back.
However this month several cities saw a nice up kick already. Now keep in mind 30 day closings, so these are homes that most likely went under contract in June. Maricopa county had a 3% increase in closed sales over last year. Buckeye was booming with 20.3% increase, followed by Litchfield Park up 17.9%, El Mirage up 11.2%, Goodyear up 3.4%, Phoenix up 3.1%, Tolleson up 2.6%, Glendale 2.1% and Surprise, Peoria flat with last year. Couple of cities took a hit, Laveen -11.2% and Avondale -5.3%.
Inventory levels took a slight dip this month, listing should pick up also as kids go back to school. Median home prices in Maricopa are up 9.50% over last year. Litchfield Park leading the pack in the West Valley last month with an 18.90% increase, Peoria 14.50%, Goodyear 13.06%, Tolleson 12.44%, El Mirage 12.22%, Surprise 10.85%, Phoenix 9.65%, Glendale 8.0%, Buckeye 7.48%, Laveen 7.47%, and Avondale 4.65%.
Market Myths: Sellers market doesnt mean that we are experiencing another boom. Our buyers are still getting some great deals out there. Sellers are still paying closing costs and repairs. This is definitely not the market we experienced in 2005 Boom!! We are not going to experience a surge in home values. With all the new regulations on the appraisal industry, it has for lack of better words, “capped” home equity. Think of it as a safety net, steady increases, to keep housing in line with wages and cost of living. Stability.
Market Insights: We are still seeing a lot of folks looking to retire to AZ in the next 2-5 years purchasing homes now. Locking in today’s home prices and interest rates to secure their future retirement home. This is such a smart move for these folks, as they are not even making the mortage payments as our Property Management team is here to secure tenants for these homes. If this is something you’d like more information on call us today!!
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Tags: Buyers, Market Condition, Market Reports, Sellers