How’s the Market? Heres your West Valley Market update for December 2018. Happy New Year everyone!! Hope you had safe, healthy and happy holidays! As the year came to an end, I thought I would do this month’s update a little differently with a short snap shot of each West Valley city and how each city finished up the year.
AVONDALE:
Median home price increased 6.71% from $212,500 in 2017 to $226,500 for 2018. Closed sales were down -6.5% over last year, 1334 closed 2018 versus 1428 in 2017. Inventory was down -8.33% from 2017.
BUCKEYE:
Median Home price increased 10.87% from $200,950 in 2017 to $222,800 for 2018. Closed sales were increased over last year by 11.6%, 2775 closed 2018 versus 2486 in 2017. Inventory was down -27.70 from 2017.
El MIRAGE:
Median home price increased 9.75% from $197,000 in 2017 to $199,500 for 2018. Closed sales were down -6.2% over last year, 592 closed 2018 versus 631 in 2017. Inventory was down -6.19% from 2017.
GLENDALE:
Median home price increased 6.82% from $220,000 in 2017 to $235,000 for 2018. Closed sales were down -9.4% over last year, 4391 closed 2018 versus 4464 in 2017. Inventory was down -9.4% from 2017.
GOODYEAR:
Median home price increased 7.53% from $260,500 in 2017 to $280,108 for 2018. Closed sales increase 2.9% compared to last year, 2100 closed 2018 versus 2041 in 2017. Inventory was practically flat 0.38% compared to 2017.
LAVEEN:
Median home price increased 11.64% from $217,000 in 2017 to $242,250 for 2018. Closed sales were down -6.3% over last year, 844 closed 2018 versus 901 in 2017. Inventory was down -11.56% from 2017.
LITCHFIELD PARK:
Median home price increased 11.31% from $283,000 in 2017 to $315,000 for 2018. Closed sales increased 11.3% over last year, 779 closed 2018 versus 691 in 2017. Inventory was down -2.17% from 2017.
PEORIA:
Median home price increased 9.43% from $265,000 in 2017 to $290,000 for 2018. Closed sales were down -6.5% over last year, 1334 closed 2018 versus 1428 in 2017. Inventory was down -5.49% from 2017.
PHOENIX:
Median home price increased 8.89% from $225,000 in 2017 to $245,000 for 2018. Closed sales were nearly flat with last year at 0.3%, with 21,917 closed 2018 versus 21,845 in 2017. Inventory was down -13.62% from 2017.
SURPRISE:
Median home price increased 9.03% from $227,000 in 2017 to $247,500 for 2018. Closed sales were down slightly -0.9% over last year, 3909 closed 2018 versus 3946 in 2017. Inventory was down -13.62% from 2017.
TOLLESON:
Median home price increased 10.00% from $200,00 in 2017 to $220,000 for 2018. Closed sales were up 3.7%% over last year, 651 closed 2018 versus 628 in 2017. Inventory was down -4.43% from 2017.
MARICOPA COUNTY:
Median home price increased 8.33% from $240,000 in 2017 to $260,000 for 2018. Closed sales were down pretty much flat over last year, 95,830 closed 2018 versus 95,825 in 2017. Inventory was down -12.69% from 2017.
So all in all, sales were a little down in most West Valley cities, however the prices have continued on a normal steady increase. This is the type of increase we want to see, normal rise with inflation. Given the “Slim Pickens” with listing inventory, the sales held pretty strong. All cities including Maricopa county had much less inventory for sale in 2018 versus 2017.
Best of all for several years now the market has continued to prove its corrected itself and is where it needs to be STABLE & STEADY. We also saw homes sitting on the market that were not as I call it, “ready for market.” Buyers expectations of homes remained high, they want a home that is move in ready, fresh paint and nice updates, those homes sold quickly and most of the time with multiple offers, it still wasn’t the bidding wars of the early 2000’s driving homes to unaffordable prices.
As we enter into 2019, I will keep you posted monthly on the West Valley Market Trends, if you would like a complimentary detailed Market Analysis on your property, feel free to call, text or email anytime.
Tags: Buyers, Market Reports, Sellers
