Hows the Market? Here is your West Valley Market Report for August 2019. Recently AZCentral reported that more than 200 people a day are moving to the greater Phoenix area, and from the boom in homes sales you cant argue with that. Closed sales in August complete blew away last years sales. El Mirage had an astonishing 71.8% increase over last year, Goodyear had a 33.7% increase, Peoria up 24.4%, Litchfield Park up 19.7%, closely followed by Avondale at 19.6% increase, Surprise 17.3%, Buckeye 17.2%, Tolleson 13.6%, Glendale at 13.5%, Phoenix was nearly flat with last year with slight increase of 0.7%. Only one West Valley cities fell short Laveen reporting -16.7%. Maricopa County was up 8% over last year, which made this August the third highest sales volume we have seen since 2004/2005!
Inventory levels are at scarcity levels, West Valley is siting at an average of only 2 months of inventory, some cities with even less. As the supply is down and demand is up, we are still seeing home prices increasing. Maricopa county is up 6% over last year. Tolleson is up 10.65%, Buckeye up 9.63%, El Mirage up 9.18%, Avondale 7.79%, Surprise up 6.94%, Glendale 6.79%, Peoria 5.90%, Goodyear 5.54%, Laveen 5.37%, Phoenix 4.93% and Litchfield Park 2.72%.
However not everyone thats moving here are purchasing homes. Rental Market is experiencing a boom as well. Median Lease amount is reported at $1595 per month and we are seeing a 3:10 ratio, meaning for every 10 homes sold, 3 are leased. These numbers are also only indicative of the properties leased through ARMLS. Speaking on my experience with our property management division, and many other property managers we network with, the majority of rental homes are not being offered on the MLS as they are leased through other internet sites and never see the MLS. These private sites have not data tracking for agents to utilize, so I can only guess that the rent to purchase ratio is actually far tighter, perhaps even 1:3.
Market Insights: Housing Affordability in Phoenix is what is driving most folks to our beautiful state, and in a few more weeks we can say its are gorgeous climate that they are after. LOL
Interest rates have remained historically low we even saw some dips below 4%. Loan programs for all situations. We offer everything to ZERO Cost Loans to Down Payment Assistance programs! So call us today, we would love to help you into Homeownership. Moving up, Moving down, Moving here or Moving away, we are here for you every step.
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Tags: Buyers, Market Condition, Market Reports, Sellers
