Real Estate Market Report for the Phoenix West Valley area

Hows the Market? Here is your West Valley Market Report for December 2019. Happy New Year everyone!! Well another year has come and gone and its 2020! Crazy isn’t it?! Well lets talk about what happened in the real estate market for 2019. What I like to do for the year end report is to give a break down each city and Maricopa county individually. So lets talk numbers!

Avondale saw an 8.41% increase in median home price up to $252,500. Closed sales were up 2.2%, with inventory levels down -16.23% compared to 2018. Experiencing an extremely low inventory level of only 1.29 months, with an average of 35 days on the market.

Buckeye saw an 8.57% increase in median home price up to $253,000. Closed sales were up 5%, with inventory levels almost flat compared to 2018 with only a slight of 0.47% increase. Inventory level of only 1.29 months, with an average of 39 days on the market.

El Mirage saw an 9.14% increase in median home price up to $225,900. Closed sales were up 7.6%, with  an nice increase in inventory levels with an 11.32% increase. However still leaving them with only 1.17 months of inventory, with an average of 36 days on the market.

Glendale saw an 8.51% increase in median home price up to $261,000. Closed sales were up 6.2%, with inventory levels extremely low compared to last year, down -5.23%. Currently with an inventory level of only 1.63 months, with an average of 37 days on the market.

Goodyear saw a 6.91% increase in median home price up to $305,000. Closed sales were up 10.7%, with inventory levels significantly lower compared to last year, down -4.89%. Currently with an inventory level of only 2.53 months, with an average of 43 days on the market.

Laveen saw a 6.60% increase in median home price up to $263,500. Closed sales were almost flat with last year with only a slight decrease of -0.7%, with inventory levels significantly lower compared to last year, down -13.97%. Currently with an extremely low inventory level of only 1.1 months, with an average of 45 days on the market.

Litchfield Park saw a 3.17% increase in median home price up to $337,990. Closed sales were up 1.8%, with inventory levels up slightly compared to last year, 1.87%. Currently with an inventory level of only 2.73 months, with an average of 87 days on the market.

Peoria saw a 5.78% increase in median home price up to $315,000. Closed sales were up 5.6%, with inventory levels significantly lower compared to last year, down -10.37%. Currently with an inventory level of only 2.0 months, with an average of 60 days on the market.

Phoenix saw a 5.64% increase in median home price up to $274,750. Closed sales were up 2%, with inventory levels lower compared to last year, down -4.98%. Currently with an inventory level of only 2.1 months, with an average of 60 days on the market.

Surprise saw a 7.07% increase in median home price up to $275,000. Closed sales were up 8.9, with inventory levels significantly lower compared to last year, down -6.9%. Currently with an inventory level of only 1.89 months, with an average of 46 days on the market.

Tolleson saw a 9.09% increase in median home price up to $250,000. Closed sales were up 8.3%, with inventory levels flat with last year. Currently with an inventory level of only 1.53 months, with an average of 37 days on the market.

Maricopa county saw a 6.54% increase in median home price up to $289,990 compared to $263,000 in Dec 2018. Closed sales were up 3.8%, with inventory levels significantly lower compared to last year, down -2.99%. Currently with an inventory level of only 2.53 months, with an average of 43 days on the market.

Over all if these numbers are an indication of 2020 market, it definitely continue strong. Low supply will continue home values upward. Affordability in Maricopa is still very reasonable. Unemployment at all time lows and Interest rates remaining historically low, leans towards a very positive year for the West Valley Real Estate Market.

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