How’s the Market? Here is the July 2017 West Valley Market Report. Inventory levels continue at all time lows, Maricopa County dropped from 2.77 months to 2.66 months in July. Pending Sales for July were down by 30%, although closed transactions were up by 3.2%. Some West Valley cities took a hit in the number of transactions sold in July versus the same month last year. Glendale down -1.1%, Phoenix down -1.6%, Goodyear was down -2.2% and the slowest market seemed to be Avondale where sales were down -12.4% over last year. I always like to share the good with the bad, so where were people buying? Buckeye reported a 21% increase, Surprise came in next 9.7%, Peoria 8.3% and Litchfield Park had 3.2% increase over last year sales.
Something else interesting happened in the market last month, all west valley cities saw a decrease in the average sold price, however the average days on market decreased, so homes sold quicker than in June.
What is keeping this market “stagnate” as it seems we sell the same amount of homes we list each month? In my opinion it can be attributed to a few things. There are definitely more buyers than listings and as buyers agents we are having to get very creative and present strong offers to sellers, by the way this doesn’t always mean the highest offer, just creative in order to get our buyers the home they want. We also have many homeowners who would love to take advantage of this “move up” market, but they can’t sell until they find a home and that also is leaving the market in a stalemate.
As far as listing homes for sale, this is not 2005 either, when you could stick a sign in the yard and it was sold before you got into your car. Inventory levels in July 2005 had dropped to 1.84 months versus July 2017 at 2.66 months. Buyers do still have some choices and they are not willing to “settle.” They still want a good deal, they want a nice home, move in ready. It has never been more important for homes to be staged, professional photos and priced right. Those are the homes that are selling, fast and with multiple offers.
Buying, Selling or Investing? Call our Team of Specialist today for any of your Real Estate needs.
Click to enlarge
Tags: Buyers, Market Condition, Market Reports, Sellers
