Hows the Market? Here is your West Valley Market Report for June 2019. Last month had some beautiful cooler temps and that certainly helped several west valley cities with home sales. Tolleson leading the West Valley with a whopping 31.6% increase in closed sales over last year, El Mirage had a 26.8% increase, Surprise 8.6% increase, Buckeye 8.5%, Phoenix 4.8%, Avondale is up 0.8% & Maricopa County was up 2.7%. West Valley cities that were down in closed sales were Litchfield Park -8.6%, Goodyear -7.2%, Peoria -1.8%, and Laveen -1.2%.
Inventory levels continue to be incredibly low, Maricopa county sitting with only 2.47 months of inventory and some cities with less than 2 months of inventory. This low supply of homes for sale continue to drive the home values up. Tolleson is up 11.71% over last year, Buckeye up 9.89%, El Mirage up 9.82%, Goodyear up 7.27%, Glendale up 7.25%, Surprise up 6.56%, Laveen up 6.02% and Maricopa County is up 5.63% over last year.
Market insights: Low inventory levels are a big challenge in our market. Competition has definitely increased geographically, so if your home is for sale in a city with low inventory and theres not much for sale, that doesnt mean you don’t have lots of comeption out there in other cities that your prosecptive buyer is viewing as well. Buyers are considering multiple cities in order to find the perfect home for them, for example a home for sale in Litchfield Park is competing with a home in Peoria. We are also seeing a lot of people relocating for other states and they are comparing East Valley to West Valley homes.
New Home builds seem to be exploding. Low inventory levels are driving buyers to purchase new. We have found some incredible incentives and deals on new builds. Keep in mind when purchasing new, you should still have representation. It does not cost you anything and we are there to negotiate on your behalf, the agent in the office works for the seller. We also see you through the transaction and build, here to share our expertise on things that most home owners don’t think about.
Buying, Selling, Investing, we are here to help you!!
