How’s the Market? Here is the November 2018, West Valley Market Report. Hope everyone had a Happy Thanksgiving! I am thankful to you all that median home prices held strong last month, as all West Valley cities reported an increase, or held strong with year to date home median prices reported last month. Inventory levels remain critically low, which as decreased closed transactions. Litchfield Park had the highest increase over last year at +4.1% setting them at +13.0% increase over 2017. Followed by Surprise at 3.1% over same month last year, landing them nearly flat with sales in 2017. Tolleson was flat with November 2017 and still up +3.8% year to date. All other cities so a significant reduction in closed transactions, El Mirage -25.4%, Avondale -19.1%, Peoria -16%, Laveen -14.1%, Glendale -9.7%, Phoenix -7.72%, Goodyear -3.3% and Buckeye -2.1% and Maricopa County -7.8%. Oddly enough with slow sales, the average days on market is steadily decreasing, meaning the few homes that are listed each month, priced right and looking good are selling quick, which is why the prices have continued to increase month after month.
Tags: Buyers, Market Reports, Sellers
