How’s the Market? Here is the October 2018, West Valley Market Report. Happy Fall!! Steady as she goes. Our Real Estate market continues to prove that month after month, we are definitely not in another housing BOOM. Buyers are not overriding or settling for just anything. The bar is raised and buyers want homes that look nice at frat market value, homes hitting the market ready to sell are sell in the first 30-45 days, while over priced homes are forced to lower or sit on the market. Low inventory continues to drive home prices in a nice steady upward movement, “safety nets” in place, meaning the strict regulations with the appraisal industry is not allowing a sky rocket of home values like we saw in 2004-2007.
A few cities came up short in sales over last year, El Mirage -32.8% although you have to also take in to consideration that there is nearly nothing for sale there, inventory of 1.62 months doesnt give buyers much to choose from. Buckeye has down -19.7% over last year, Tolleson -4.2%, Avondale -2.0%, Goodyear -1.2%, Phoenix was flat with last year and Maricopa County was -1.2% down. Slower sales didn’t effect home values as ALL West Valley cities has increases in the Median home prices over October last year.