How’s the Market? Heres your West Valley Market update for March 2019. Are we shifting into a Buyers market? Well in looking at this number March produced I would certainly say the ship could be shifting coordinates and steering towards a Buyers market in the upcoming months. Definitely something to keep our eye on as each month unfolds. Before we get into the March market, Id like to point out a couple of things to remember. First, remember the closed sales that report in March are actually February’ sales pending. Now February’s unseasonable cold temperatures, even snowing in some parts of the Valley and lots and lots of rain, certainly did not help home buying traffic. Now that spring is in full bloom, I can tell you that the homes that we have put on the market this month are getting more traffic than I ever imagined possible! Various price points, various locations around the West Valley and the showings are 3-5 daily, including weekdays!! Its absolutely insane that there are that many potential home buyers out shopping. So with that said, this shift we see March Market update could swing back quickly in April, only time will tell.
Ok, so hows the market? Well as far as home prices, we are still seeing positive increases. All west valley cities were up over last year, top 5 cities were Tolleson lead the pack 12.83% over last year, Buckeye up 10.05%, El Mirage increased 9.47%, Litchfield Park 9.17%, Goodyear 9.09%.
Something we watch closely in the real estate market is inventory levels. The housing market is still a commodity and driven by supply and demand. The lower the supply, greater demand, drives home prices up. The larger the supply, less demand, home prices tend to go down. All west valley cities, had tremendous increases in the amount of Active listings over March 2018, with the exception of Laveen which was -1.8% down over March 2018. Tolleson had a whooping increase with 77.8% over last march, Glendale increased by 24.7%, followed by Phoenix 22.6%, Peoria 21.5%, Goodyear 19.7%, El Mirage 18.9%, Surprise 17.6%, Buckeye 16.2%, Litchfield Park 11.7% and Avondale was almost flat at 0.5%. Maricopa county overall was up 15.9% over same month last year. Now we are still considered to be in a low inventory-seller’s market and we can use more homes on the market to continue to feed the fire, these increases are not a chicken little scare by no means, but definitely something to keep our eye on.
So the increasing inventory coupled with slow sales is little more unnerving, but we did have less than perfect weather conditions against us. As fore mentioned, we will see what April brings. But as far as closed sales in March, only two cities in the west valley out sold March 2018, El Mirage increased by 2.1% which was 48 closed sales versus 47 in 2018. Tolleson increased by one closed sale as well 135 in 2018 and 136 in 2019. Buckeye was the slowest down -20.7%, Litchfield Park -15.7%, Peoria down -15.0%, Phoenix -14.7%, Avondale -10.6%, Glendale -9.5%, Goodyear -7.6%, Surprise -6.6%, & Laveen -5.6%. Maricopa County was down -11.8%.
Market Insights: Housing affordability remains strong as well as low unemployment this will continue to secure the real estate market. Coupled with the Feds announcing the are not going to be increase interest rates, the future of the real estate market is still look very sound.
Market Disruption: I am so excited to share with you all how Keller Williams is bringing more value to our buyers and sellers and completely disrupting the industry. As the worlds largest real estate company we have now partnered with Keller Mortage to bring ZERO COST loans to our clients!! What does that mean? ZERO Origination fee (this is typically 1% of your loan) ZERO Underwriting Fee (typically $875) and ZERO Processing Fee (approx $625) AND we give you $1000 credit towards 3rd party cost, which can be used to pay for things like your appraisal!! These loans also have low interest rates, the have beat or were better than the other lenders. We have saved our clients $4000, $6500 and $3500 just this month!! Sellers, when you list with us, your potential buyers can take advantage of this program instead of asking you to contribute to their loan cost!! Call today for more details.