Phoenix West Valley Real Estate Market Report by City September 2020

October 8th, 2020
Hows the Market?? Here is your West Valley Market Report for September 2020. Hope you are all making the best of this crazy wild ride we are on and staying healthy. I like to look on the positive side of everything and I can say that our family has really enjoyed card games and board games more than ever and my hubby is really becoming a great cook! I hope you all have found some positive things to come out of all this too!
So let’s get to it, how is the market doing, well I can tell you that the pandemic hasn’t slowed homes sales at all. Maricopa county overall had a 20.3% increase in sales over last year. All West Valley cites except for two also had increased sales. Laveen had incredible sales with 41.5% increase over last year, Goodyear increased 22.4%, Peoria 18.5%, Phoenix 11.6%, Buckeye 10.8%, Avondale 4.8% and Glendale 4.4%. Litchfield Park was down by -6.7% and El Mirage was down -20% over last year.
Whats most incredible about the strong home sales is that the inventory is down on average 30% from last year. Homes are selling very quickly, average days on market 29 days and some cities its selling faster at 17-21 days. Many homes are seeing multiple offers, we listed a home on Saturday to Sunday had 48 showings, with 20 offers by Monday evening, selling $20,000 over asking price. Side note this home had a pool and that is a huge selling feature for homes in AZ. We have seen homes selling well over asking price as the buyers “fleeing” CA and WA (thats their word, not mine) and they are fleeing with some cash in hand and willing to pay cash over appraisal because our homes are still much more affordable than many other areas in the country.
Median home price in Maricopa County is up to $327,500 thats a 12.36% increase over last year. All west valley cites experienced increased home values. Click on the chart below to see how your city is doing.
Market Insights: I wanted to discuss something that I have heard over and over, perhaps questions you have even pondered…. are we in another bubble and is it going to pop like the mortgage crisis?? Although no one has a crystal ball and crazy things can happen at anytime as we have all seen this year, I would like to share with you my opinion on this subject.
First and foremost the biggest driver for the increasing home values is the low supply of homes for sale. Maricopa county has only 1.64 months of inventory, all west valley cites are 1 month or less of inventory.  As more and more industry and jobs are coming here, along with those folks “fleeing” their home states to relocate here, there are far more buyers than homes for sale and that will continue to keep the inventory low and press prices upward.
Another thing I hear a lot is that the pandemic job losses, will certainly bring on the foreclosures and drive prices back down. I really don’t think we will see the foreclosures like before and here are a couple of reasons why. First and foremost, most homeowners have lots of equity with the last few years having 8-10% increases, they should be able to sell with out facing foreclosure.
Secondly, it is far harder to qualify for a home loan, much scrutiny goes into debt to income, loan to value and many buyers have a down payments so they aren’t getting into homes they cant afford. Nor do with have adjustable rate loans, with fixed interest rates, no more increasing monthly payments, which adjustable interest rates were a big reason so many homeowners lost their homes.
Since we are talking about foreclosures, I would like to add that the banks got smarter towards the end of the mortgage crises. In the beginning the thought was, “lets just get through these foreclosures as quickly as we can” and so they FLOODED the market with inventory, which drove the prices down. As an example in September 2008 we shot up to 12.9 months of inventory, there were not enough buyers to absorb those sales for almost 1 year. At our peak, the inventory was at 18months, this is what dropped home values. As listing agents for Wells Fargo and a few other banks, I still remember when they started to hold back foreclosing, slowed listing their inventory in order to lower the inventory levels, and help prices make their way back up. So I certainly don’t think they would flood the market again, they learned their lesson. Side not the Median home price in Sept 2008 in Maricopa County was $170,100.
Lastly, the appraisal industry is now regulated unlike during the mortgage boom of 2004-2007 where anything appraised for any amount. Home values higher than cost of living and inflation is a recipe for disaster and thats what happened. Very specific guidelines and much scrutiny with appraisals now, appraiser and lender underwriters  review the final appraisals, this helps to suppress home values to keep with inflation. In the current market we are seeing multiple offers and homes selling over list price, but the buyers are having to pay that cash over appraisal, which means they are not financing 110% of the mortgage. So they still have that money in the equity of the home and would be able to sell and recover that money.
Over all the AZ economic growth is still strong with many industries still bringing jobs which leads to more buyers. Our property taxes are still considered low by national standards. Cost of living is very affordable, along with our beautiful winters, we should continue to see growth in AZ for a while. At least thats my hopeful opinion as I look at the numbers and the direction AZ is moving in.

Phoenix West Valley Real Estate Market Report July 2020

August 7th, 2020
Hows the Market?? Here is your West Valley Market Report for July 2020. I do hope you are all staying safe, healthy and enjoying out record breaking heat! Wow, did it get warm and speaking of weather, did 2020 short us out of our Monsoon season!??! Oh boy, hopefully its coming and just running a month late!
So Arizona reopened mid-May and boy did it open the flood gate for the real estate market! I can honestly say it felt like 2003-2005 all over again and in 17 years, I never remember a July this busy.
All but two west valley cities had increased sales over July last year, this is incredible considering the inventory levels are a scarcity levels. Let’s take a look at each city. El Mirage had an increase in sales by 27.3% with a -39.23% drop in inventory with only 0.49 months of inventory. Goodyear had an increase in sales by 23.9% with a drop in inventory of -35.56%, 1.28 months of inventory. Tolleson increased 18.5% in sales with a decrease in inventory of -48.86%, thats 0.61% inventory. Surprise had a 17.1% increase in sales with a decrease in inventory of 32.69% sitting at only 1.08 months of inventory. Buckeye up 16.4% sales with -34.46% reduction in inventory at 1.08 months of inventory. Phoenix sales up 9.2%, inventory down -37.61%, thats only 1.29% of inventory. Peoria had increased sales up 5.4%, inventory down -36.16% thats 1.26 months of inventory. Glendale increased sales by 5.0% with a decrease in inventory by -45.25%, thats 0.77 months of inventory. Maricopa county had an increase in sales by 13.0%, inventory down 31.0% and thats only 1.51 months of inventory.
The two cities showing slow sales compared to last year were Laveen and Litchfield Park. Laveen had a decrease in sales by -18.0%, also with a significant  drop in inventory -51.87%, with only 0.91 months of inventory. Litchfield Park sales down -6.0% also had a decrease in inventory by -36.81%.
MARKET INSIGHTS: Phoenix area typically has a “peak season” in Spring. Usually begins in February and slows down late June. It doesn’t seem that the pandemic shut down took many people out of the market, simply postponed their real estate needs until it reopenned. So when AZ reopened we truly got flooded with our spring buyers and the usual summer buyers at the same time. Thats coupled with a lot of folks looking to relocate out of their home states due to violent protest and public destruction. We have seen a tremendous increase from Washington, California, Oregon & Minnesota.
We are seeing multiple offers on homes, and some bidding wars, mostly on homes with pools. This is our pool selling season for sure so homes with pools are going for top dollar and as mentioned multiple offers. One of our homes we listed on Saturday morning at 9:00 and had 50 showings by Sunday at 7:00pm and 20 offers, went significantly over the asking price, with buyers making up the difference in cash over the appraisal amount. Needless to say, home prices are going up fast, just look at the chart to see how your city has increased.
Maybe your new to this blog so I wanted to explain so you can see the scarcity of homes for sale versus the buyers currently in the market **ABSORPTION RATE/ “MONTHS OF INVENTORY”: In Months, shows how long the current inventory of properties would last at the current rate of sales. 5-6 months of Inventory would be considered a flat or “Normal Market.” Less than 4 months would be considered a “Seller’s Market” while levels above 6months would be considered a “Buyer’s Market”. Absorption Rate is calculated by dividing the average number of available homes by the number of sales per month.
Buying or Selling, It’s never been a more important time to have an experienced agent on your side. Call us today for a no hassle consultation and let us help you with all your real estate needs.

Phoenix Area West Valley Real Estate Market Report May 2020

June 18th, 2020
Hope this Market Report finds you all well and staying healthy!! Sending out prayers and good thoughts to all of you and your loved ones as we all ride the 2020 roller coaster!! So lets chat about Hows the Market?? Well heres your West Valley Market Report for May 2020. Keep in mind this sales would be reflective of contracts written for April which AZ was on the mandatory Stay at home orders. 
If you have followed this blog over the years, you know I like to find the good news and start there! So Good News, home values continue to rise, we are currently experiencing a boom in the market for June and should definitely continue to drive prices upward. All West Valley cities had an increase in the median home prices over same month last year. Maricopa County overall was up 5.73% last month. Litchfield Park up 16.31%, Avondale up 12.04%, Glendale up 10%, Laveen up 9.78%, Phoenix up 8.35%, Surprise up 8.34%, El Mirage up 8.06%, Tolleson up 5.13%, Buckeye 4.96%, Peoria up 3.23%, and Goodyear had a slight increase at 0.66%. 
Inventory levels are at scarcity low levels, we saw an increase in Temporarily off the Market (TOM) when the stay at home orders came on, some sellers took their homes off the market. So these homes will come back on the market eventually, which is more promising than seeing homes cancel. Maricopa county is sitting at only 1.96 months of inventory, that means theres enough buyers to buy all the homes in less than two months, providing no new listings come on! Thats scarcity levels, thats why we are seeing multiple offers on each home and homes selling quicker than ever. Take a look at the market roper imagine and see just how low each cities inventory levels are currently at. 
May closings were down significantly, again with the  then newly imposed stay at home orders and low inventory levels, this was to be expected. Maricopa County was down -33.1%. As well as all west valley cities reporting decreases in sales over same year last month. Laveen down -39.2%, Litchfield Park down -38.6%, Surprise -37.8%, Glendale -36.3%, Avondale -35.4%, Phoenix -34.1%, Buckeye -32.2%, Peoria -30.0%,  Tolleson -25.4%, El Mirage -20.8%, and Goodyear was only down -7.2%.
Don’t let these slow sales in May fool you, we are currently experiencing an explosion in the market! This pandemic didn’t seem to drive buyers out of the market, just a temporary hold like we saw with some listings. When the stay at home ordered lifted, everyone came out of the woods excited and ready to purchase their new home! This is not only our teams experience, we have networked with realtors all over the valley and the word most common descriptions are insane & crazy. 
Market insights: Low inventory levels on resale market have driven the new build market up. We are seeing lots of good deals on inventory homes out there. Its a great time to think about a brand new home! 
As Arizona continues to be a hot spot (pun intended) for economic growth we are seeing many people moving from all over  for a variety of reasons. Retirees and mid west and northern states looking for a warmer winter destination. Californians are still flocking to AZ, as well as Texas, Washington and Oregon.
All in All the Real Estate Market is continuing on a strong course. Lets all hope for a healthier, more prosperous and socially back together second  half of 2020! Cheers!

Phoenix West Valley Market Report by City April 2020

May 8th, 2020

Hows the Market? Well I certainly hope this finds you all healthy and happy and holding in there!! Please know that we have lots of resources for any of you that my have lost your job and struggling with mortgage payments, there are options. Also any of our past clients can take advantage of the Keller Mortage ZERO cost loan if you are considering taking advantage of these low interest rates! Just give me a call and I will give you the details. With that said, know that we are thinking and praying and sending good thoughts and love out to all of you. Praying that this is all over soon!!

So I am sure you are all wondering how the real estate market is holding up, so let’s get to your West Valley Market report for April 2020.

Good news! Over all Maricopa county sales were almost flat with last year -0.5%, thats actually incredible considering the amount of available homes for sale was down -33.33% and median homes prices increased 11.11% over April last year. Thats really great news for home owners as despite the slower sales, the low inventory is still moving the homes values in a positive direction.

Looking at the West Valley cities. Inventory levels are down significantly over April last year. Heres a breakdown by city: Avondale, inventory -39.63%, closed sales -10.3%, median home price up 17.66%. Buckeye, inventory -39.63%, closed sales +14.6%, median home price up +11.46%. El Mirage, inventory -33.59%, closed sales-14.0%, median home price up +6.37%. Glendale, inventory -45.74%, closed sales -9.5%, median home price up +12.35%. Goodyear, inventory -34.88%, closed sales +2.4%, median home price up +17.33%. Laveen, inventory -57.89%, closed sales for April -8.8%, median home price up +6.87%. Litchfield Park, inventory -27.76%, closed sales +6.5%, median home price up +9.96%. Peoria, inventory -39.66%, closed sales -0.4%, median home price up +14.53%. Phoenix, inventory -40.32%, closed sales -5.1%, median home price up +16.47%. Surprise, inventory -33.92%, closed sales

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Real Estate Market Report for Phoenix West Valley March 2020

April 8th, 2020

Hows the Market? Well first let me just ask how are you all doing?!?! Crazy times, right?!? I certainly hope that you are all healthy and practicing staying home and practicing social distancing and safe procedures to help stop the spread of COVID19. I am just hoping and praying that the virus doesn’t like our heat and leaves us all alone!! I have never heard some many praying for the heat!! LOL Fingers crossed.

Also before we get into the March market report, I want to remind everyone that these numbers would be more reflective of Februarys market conditions, which was prior to our Stay in Place order. Gratefully in our state, real estate is an essential, as people still need to buy and sell and are relocating to our beautiful city. Thus far we are not seeing the market take to much of a hit. We are still having showings, homes are still selling quickly and plenty of buyers out looking at homes. In fact, I listed a home last Monday we had two showings on Tuesday and two offers, sold for full price on the first day. So only time will tell, we are in very uncertain times and with so many loosing their jobs, it will remove a lot of buyers from the market, estimated 25% of buyers will need to put home shopping on hold for the time being.

So with all that, here is your West Valley Market Report for March 2020. Inventory has dropped to some of the lowest levels I have ever seen, at least in the 16 years I have been in real estate. Maricopa county is at a mere 1.78 months, that means if no one else list another home, we have enough buyers to buy up every listing in less than 2 months!! Thats insane. To further drive that point home, in March 2004, a time when you couldn’t even get a sign in the yard, the home had multiple offers, the inventory level was 4.29, we have nearly a third less WOW!! All West Valley cities had a huge decrease in inventory over March 2019, Laveen -61.34%, Glendale -49.47%, Avondale -45.6%, Phoenix -44%, Peoria -42.62%, El Mirage -40.29%, Tolleson – 38.81%, Surprise -37.23, Goodyear -36.58%, and Litchfield Park -27.80%.

Now despite the slim pickings of homes for sale, closed sales were up in Maricopa County by 11.3% over last year. Buckeye had a 23.6% increase, followed by Litchfield Park had a 16.9%, Goodyear 15.1%, Surprise 14.7%, Peoria 12.5%, Tolleson 8.9%, Phoenix 7.4%, Laveen 3.7%, Glendale 1.65%, Avondale nearly flat at .04% and El Mirage fell short down -5.1% down over last year.

Home prices are still increasing, Maricopa country is up 12.26% over last year, which is being driven by the low supply. All West Valley cities have increased median home values over last year, check out the chart to see how you city is doing with home values.

Market insights: Interest rates are still historically low, home affordability in AZ is very low, we have record numbers of folks moving to AZ for work or to retire, our market is still very stable at this point. Another positive note is the government stimulus package, and government insured home loans granting forbearance of payments and have said the are going to be working with homeowners, this is something that didn’t happen so much during the mortgage crisis, as they were some of the most difficult short sales to

process and most went to foreclosure. Perhaps they learned their lesson, no body wants to see the foreclosure nightmare come back.

If you are looking to buy, sell, invest or refinance your current mortage, gives us a call and let us tell you how you can save thousands with Keller Mortgage ZERO cost loan.

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Phoenix West Valley Real Estate Market Report by City

February 8th, 2020

Hows the Market? Here is your West Valley Market Report for January 2020. Well good news or bad news, which one you want first? Well I like to stay positive so lets start with the good news!! If you are a homeowner, you should be very happy as your equity is rising steadily each month! Median home prices have continued increase in all West Valley cities, some seeing double digit increases for the first month on 2020. Litchfield Park up 14.19%, Laveen 13.28%, Tolleson 11.40% and Buckeye had an 11.11% increase, and Maricopa County reports 10.27% increase over last year. 

How about some more good news? Homes sales were also up compared to January 2019. Strong sales reported in all but one West Valley city, Avondale had a whopping 31.5% increase over last year, Glendale up 28.8%, Peoria 23.8%, Litchfield Park 17.5%, Glendale 16.6%, Surprise and Phoenix both at 15.9% increase, Tolleson 7.7%, Laveen 4.4% El Mirage was flat wit last year. Buckeye fell short on sales at -3.2% down compared to last year.

So whats the bad news? Scarcity of homes for sale! Inventory levels have dropped to some of the lowest levels I have seen in years. Although buying a home is usually emotional purchase, homes are still a commodity and just like everything else,its driven on supply and demand. So as we commonly refer to the real estate market as a  “Sellers Market” or “Buyers Market” this is actually determined on the amount of homes for sale versus buyers in the market, or absorption rate of the inventory available. So “Absorption Rate” in months of inventory would show how long the current inventory of properties wold last at the current rate of sales. Normal Market 5-6 months, Less than 4 months is a Sellers Market and above 6 months is a buyers market.

So lets look at the current inventory levels in the West Valley. Tolleson is less than one month at only 0.9 months, Laveen at 0.99 months, Avondale at1.02 months, Glendale at 1.04 months, Peoria at 1.37 months, Phoenix at 1.47 months, El Mirage at 1.56 months, Surprise 1,58 months,  Buckeye at 2.04 months and Litchfield Park 2.18 months. Maricopa County is currently at only 1.76 months of inventory. Thats critically low numbers. We need more homes to sell, everyone has heard that Spring is a good time to sell, well keep in mind, well compared to most of the country, February and March are Springtime in Arizona!! Now is the season to sell! If you are thinking about making a move call us for a Market Analysis today!

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Real Estate Market Report for the Phoenix West Valley area

January 17th, 2020

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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Phoenix Area West Valley Real Estate Market Report by City November 2019

December 6th, 2019

Hows the Market? Here is your West Valley Market Report for September 2019. What an incredible month in sales compared to sales in November 2018! Home values have increased 5.7% this year  in Maricopa County, many West Valley cities have increased greater than that. Tolleson increased 9.54%, followed by El Mirage is up 9.14%, Buckeye 9.09%, Glendale 8.51%, Avondale 7.99%, Surprise 7.68%, Goodyear 6.79%, and Laveen 6.61%. Historically low interest rates and low supply of homes, affordability and Phoenix area booming economic are the driving forces behind these increases.

Homes sale are incredibly strong especially when taking into consideration the low supply of Homes for sale. Take a look at some of these numbers from the West Valley Cities, Glendale had an increase in sale last month of 38.5% and yet their inventory is down -1.75% from last year. Goodyear sales increased 8.8%, inventory down -1.15%,  Phoenix sales increased 8% and inventory is down -1.37%, Surprise sales up 7% inventory is down -5.47%, Peoria increased sales by 2.9% while inventory is down -8.48% compared to last year.

Some cities are seeing an increase in homes for sale, Litchfield Park inventory is up 4.10% and sales were up last month by 27.1%, El Mirage inventory has increased by16.5% year to date and sales are up 8.2%. Buckeye sales were up 3.8% and inventory up 1.41%over last year. Tolelson sales increased this year by 5.5% and inventory is up 3.97%.  While Avondale home values have increased 7.99%, sales are down 1.3% and inventory is down -13.07%, thats only 1.52 months of inventory. Laveen were down last month -5.% leaving them almost flat with last year, but inventory levels are down -10.17% with only 1.19 months of inventory.

So all in all its still a strong sellers market, many homes are seeing multiple offers and that doesn’t mean bidding wars, it means presenting a rock solid offer with a pre-approved for a home loan and cooperating on closing dates.

MARKET INSIGHTS: We are seeing many investors taking advantage of this market. These folks see the stability that the Mortgage industry has now, the increases in home values year over year making long term rental properties a profitable asset to add to your retirement portfolio. We can not only help you find the perfect investment home, we can get it rented and maintained for you, you do nothing, worry free. In most cases the homes are rented before we close escrow so our investors never even made their first mortgage payment!

NEW BUILDS: Low inventory levels are driving the new home market with new home developments popping up everywhere. We are getting some great deals on move in ready homes for our clients. Remember the sales person in the office works for the seller, not you. It cost you nothing to have full Buyer Representation. 

ZERO COST loans and $1000 credit back to you towards third party closing costs! This makes it even more affordable to purchase your new home. Call us today for more information and a no hassle consultation to see how we can make your real estate dreams a reality.

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Why would you make Surprise, AZ your new hometown?

November 11th, 2019

Are you considering a move to the greater Phoenix area? Many cities in the West Valley are experience exponential growth, with affordable housing, job growth and lots of sports and entertainment but why would you choose Surprise, AZ as your new home? Well lets take a moment to discuss what the current city has to offers and whats coming in the near future.

Surprise definitely has that hometown feel with events and actives for everyone. The city has a calendar of ongoing events catering to all ages. The city features sports programs for adults to children, including soccer, baseball, softball, flag football, kick ball and indoor volleyball & even swim teams. Surprise Senior center has a full calendar of events complete with Bunco, Bridge, SilverSneakers, crafts, line dancing and so much more. Special events are constantly on the schedule in Surprise, such as one of the best 4th of July Firework displays in the west valley, Veterans Day Parade,  Holiday Party with the lighting of the tree, fireworks, carnival rides and much more. Fine Arts and Wine festival can also be enjoyed at the Mark Coronado Park, along with “Sundays in the Park” with all the best local food trucks to satisfy anyones appetite.. Surprise is proud to be the home to Spring Training for the Kansas City Royals and Texas Rangers.

Affordable housing in Surprise makes it one of the top home sales cities in the west valley, second to only Glendale, AZ that has twice the population. Median home price in Surprise is $262,000 (Oct. 2019) with many master plan communities all featuring different amenities, many with parks, splash pads, skate parks, community pools, RV garages and sports fields and active adult communities. Many options for A rated schools as well. Depending on your needs, theres a community for you in Surprise. 

Surprise is located in the center of the west valley, with easy commutes to many west valley hotspots. White Tank Regional Park 15 minutes or Lake Pleasant Regional Park, is an easy 25 minute drive. The 303 access and soon to be completed Northern interchange really helped the drive to downtown Phoenix or Sky Harbor much more smooth 45 minute commute. Of course thats not in rush hour traffic!! 

 A big win for Surprise, was the announcement of Costco opening in 2020. The city of Surprise has been seeking their business for many years, Surprise offers a convenient location to most west valley cities, roughly 20-30 minutes to North Peoria, or Buckeye, Avondale, Goodyear, Estrella Mountain Ranch, Wickenburg, Westgate, Arrowhead Mall, this central location made a lot of sense for Costco to choose Surprise as their West Valley location. 

Surprise will also be home to an all new luxury golf course community in 2020. Featuring a Nikluas Golf course managed by Troon and with beautiful new Toll Brother homes for families and active adult. This community will boast many amenities including, spa, clubhouse, picked ball, cafe, restaurant, community gardens and orchards, fitness center and several community pools.  Homes start in the low $300,000s to the mid $600,000s. Something for everyone, from luxury homes on larger lots to “lock and leave” homes for those looking for an easy lifestyle and master planned community living. 2-5 Bedrooms 2-4 car garages, many golf course lots.

Recently opened community in North Surprise allows for affordable living yet still offers master plan community amenities with gorgeous mountain views, shaded total lots, BBQ grills, volleyball courts, walking paths and even a dog park, brand new homes start at $230,000 to the mid $300,000 and currently offering closing cost incentives, all appliances, blinds and even 6months paid HOA dues. 

The west valley has a booming commercial industry brining in a surplus of jobs, Amazon, Boeing, UPS, Red Bull just a few of the companies now calling the west valley their home. 

West Valley Realtors since 2003, residents for over 30 years, we would love to help you find the perfect area and home to fit your needs. Call us today and let us tell you that how we can save you thousands of dollars with our ZERO PLUS Loan program, plus $1000 credit back towards third party fees.

Phoenix West Valley Real Estate Market Report for September 2019

October 14th, 2019

Hows the Market? Here is your West Valley Market Report for September 2019. What an incredible month in sales compared to sales in September 2018! All West Valley cities had an increase over last year except Avondale -8.6% and Laveen down -16.9%. El Mirage had a whopping 57.5% increase, which also had a 15.05% increase in inventory over last year. Litchfield Park had a 39.5% increase over last year, Surprise up 25.6%, Buckeye up 22.8%, Phoenix up 13.7%, Glendale increased 12.6%, Goodyear 8.8% up, Peoria 8.0% increase, and Tolleson had a increase of 5.5%. What makes these sales so exciting is that inventory levels are significantly lower in most of these cities. Inventory levels in Laveen are down -45.54% over same month last year, Peoria down -28.10%, Avondale -23.54%, Tolleson -22.08%, Goodyear -14.74%, Glendale -14.6%, Surprise -13.78%. Only 3 west valley cities have increased their inventory levels, as mentioned before El Mirage up 15.05%, followed by Buckeye 6.81%, and Litchfield Park at 2.68%.

As we enter the last quarter of the year, low supply of homes for sale has continued to drive median home prices upwards. Tolleson is up 9.42% over last year, Buckeye 9.38%, El Mirage 9.17%, Avondale 7.99%, Glendale 7.23%, Surprise 6.91%, Laveen 6.46%, Peoria 5.90%, Goodyear 5.7%, Phoenix 4.94% and Litchfield Park 2.39% and Maricopa county median home prices up 8.79% over last year.

Market Insights: Its a great time to be a home owner in the Phoenix market thats for sure. Interest rates continue below 4% and some dipped in the 3’s!! Many buyers are taking advantage of down payment assistance programs and able to purchase a new home with very little more out of pocket. 

Rental market continues to boom, making it a great time to own an investment property, we are getting tenants secured before our investors even make the first payment!!

If you are thinking about buying or investing, remember we have ZERO COST loans and $1000 credit back to you towards third party closing costs! This makes it even more affordable to purchase your new home. Call us today for more information and a no hassle consultation to see how we can make your real estate dreams a reality.

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