Hows the Market? Here is your West Valley Market Report for September 2019. What an incredible month in sales compared to sales in September 2018! All West Valley cities had an increase over last year except Avondale -8.6% and Laveen down -16.9%. El Mirage had a whopping 57.5% increase, which also had a 15.05% increase in inventory over last year. Litchfield Park had a 39.5% increase over last year, Surprise up 25.6%, Buckeye up 22.8%, Phoenix up 13.7%, Glendale increased 12.6%, Goodyear 8.8% up, Peoria 8.0% increase, and Tolleson had a increase of 5.5%. What makes these sales so exciting is that inventory levels are significantly lower in most of these cities. Inventory levels in Laveen are down -45.54% over same month last year, Peoria down -28.10%, Avondale -23.54%, Tolleson -22.08%, Goodyear -14.74%, Glendale -14.6%, Surprise -13.78%. Only 3 west valley cities have increased their inventory levels, as mentioned before El Mirage up 15.05%, followed by Buckeye 6.81%, and Litchfield Park at 2.68%.
As we enter the last quarter of the year, low supply of homes for sale has continued to drive median home prices upwards. Tolleson is up 9.42% over last year, Buckeye 9.38%, El Mirage 9.17%, Avondale 7.99%, Glendale 7.23%, Surprise 6.91%, Laveen 6.46%, Peoria 5.90%, Goodyear 5.7%, Phoenix 4.94% and Litchfield Park 2.39% and Maricopa county median home prices up 8.79% over last year.
Market Insights: Its a great time to be a home owner in the Phoenix market thats for sure. Interest rates continue below 4% and some dipped in the 3’s!! Many buyers are taking advantage of down payment assistance programs and able to purchase a new home with very little more out of pocket.
Rental market continues to boom, making it a great time to own an investment property, we are getting tenants secured before our investors even make the first payment!!
If you are thinking about buying or investing, remember we have ZERO COST loans and $1000 credit back to you towards third party closing costs! This makes it even more affordable to purchase your new home. Call us today for more information and a no hassle consultation to see how we can make your real estate dreams a reality.