February 2023 Real Estate Market Report for the Phoenix West Valley

March 14th, 2023
Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for February 2023. Well January did see an up tick in sales across Maricopa County, that being compared to the slow sales the 3 months prior, where it was more like crickets. However the sales were not enough to beat last years BOOM of the first quarter, as only two west valley cities had increases in sales over last year. Tolleson, did see a boom with a 54.3% for the month and an increase over last year of 26.0%. Avondale saw an increase in closed sales in February of 4.0% however still down -20% for the year.
With sales are down compared to last year, median home prices continue to dip last month, now all west valley cities are down compared to last year. Litchfield Park -11.18% down from last year, El Mirage -10.62%, Laveen -10.22%, Peoria -8.89%, Phoenix -8.33%, Buckeye -6.28%, Glendale -5.38%, Tolleson -5.0%, Avondale -4.33%, Surprise -3.93%, Waddell -4.12%, and Goodyear -1.22%.
Whats incredible is to see the inventory increases in the west valley city. Avondale is up 333.3% over last year, Surprise up 312.332%, Buckeye up 308.05%, Tolleson up 283.78%, Peoria up 234.85% Waddell 232.97% increase, Goodyear up 207.69% Glendale 197.01%, Phoenix up 191.43%, El Mirage 185.96% up, Litchfield Park increase 161.90% and Laveen is up 138.89%.  Maricopa county is up 205.88% over last year. WOW! Crazy inventory just sky rockets right?!?! Well actually all these increases just mean that we are now in a more balanced market. This supply increase just means that home values will maintain more with affordability. Thats a very good thing. Maricopa county has a huge demand for housing, so the inventory increasing will also help with that demand.
MARKET INSIGHTS:  Sales have been sluggish compared to the last few previous years, however we are starting our peak season, now that temperatures are warming up we will see what next month holds.
I hear a lot, “I see prices coming down,” and yes that is true, however the nice, move in ready homes are still selling and selling quickly. Even had a couple with multiple offers this past month. The homes that need work are the homes that are having to reduce. Buyers are pickier than ever, because they can be.
Buying, Selling, Investing or need a Property Manager, we would love the opportunity to serve you! As always we are here for you even if you just have real estate questions!
Give us a call!

Real Estate Market Report for January 2023

February 15th, 2023
Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for January 2023. Well if you follow my blog you might remember that December was our first month to reports some declines in the median home prices, yet 2022 still finished with record increases in home values. We all knew that those increase weren’t sustainable and the rise in interest rates were for that very reason, slow the market and let inventory catch up to balance out the market. That my fiends has worked very well so far!
With the aforementioned, keep in mind the market reports are always trailing a 30-45+ days behind the current market, we’ll talk more about that in the recap at the end so first lets get to the numbers and see how December numbers came through.
December market is traditionally one of our slower months, due to the holidays. Although many top producing agents report they saw a slight up tick in traffic in December, the sales still came in low compared to last year with all west valley cities coming up short except Tolleson that was flat with 38 sales in 2022 and 2023. Maricopa county had a decrease of -38.8% with 4348 closed sales compared to 7102 in 2022.
Check out the sales in your city.
Avondale closed 50 sales compared to 85 in 2022 thats a -41.2% decrease.
Buckeye closed 141 sales compared to 205 in 2022 thats a -31.2% decrease.
El Mirage closed 18 sales compared to 39 in 2022 thats a -53.8% decrease.
Glendale  closed 166 sales compared to 271 in 2022 thats a -38.7% decrease.
Goodyear closed 81 sales compared to 160 in 2022 thats a -49.4% decrease.
Laveen closed 38 sales compared to 78 in 2022 thats a -51.3% decrease.
Litchfield Park closed 40 sales compared to 52 in 2022 thats a -23.1% decrease.
Peoria closed 153 sales compared to 266 in 2022 thats a -42.5% decrease.
Phoenix closed 874 sales compared to 1560 in 2022 thats a -44.0% decrease.
Surprise closed 194 sales compared to 308 in 2022 thats a -37.0% decrease.
Waddell closed 12 sales compared to 15 in 2022 thats a -20% decrease.
Naturally the slowing in sales have continued to increase the inventory levels making Maricopa county a balanced market. We are not seeing plummeting home prices, however in January’s market report a few west valley cities were still holding strong on the median home prices, however this is our first month since the shift in the market that all West Valley Cities, except TWO showed a decrease in home values. Click on the image below and to see your cities current median home price.
Goodyear and Waddell get the shout out for this months market report. Goodyear reported $484,995 median home price and thats a 4.69% increase, even whit slow sales showed an increase. Waddell is where the money was at last month for sure!!
The big shout out goes to Waddell that started 2023 off with a BOOM!!  As previously mentioned above 12 versus 15 sales, however the homes that closed sale were high price points that put the increased the average median home price by 30.0%!!! Of the 12 sales to close only 4 were between $400,000 -$549,000, 3 homes we’re $550,000-749,000, 4 homes were between $750,000-$999,00 and the big  closing in  the community  of Twelves Oaks $1,680,000 is what really boosted that median value over the top!
MARKET INSIGHTS:
As I said at the beginning, the market report does trail current market by 30 days-45 days as the sales that close in a particular month are for the previous months sales. What I can say is for our market traditionally January is a very slow month. Coming out of the holidays, its the coldest month of the year, always rainy just not your ideal home shopping month. but what I can say is this was one of the busiest Januarys I have in 19 years. And while networking with other agents in the Valley, they saw the same thing.  Selling one listing prior to even listing on the MLS! Also seeing a lot more cash again! Most sellers have come to terms with concessions to buyer for a rate buy down. Buyers are finding their lenders have creative financing options like a 2/1 buy down making homes more affordable. If this is any indication of how our spring selling season will be, its looking very promising! Very interested to see February numbers! Stay Tuned!!
Buying, Selling, Investing or need a Property Manager, we would love the opportunity to serve you! As always we are here for you even if you just have real estate questions!
Give us a call!

December 2022 Real Estate Market Report

January 7th, 2023

Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for December 2022. Happy 2023 everyone!! Hope you all had wonderful 2022 Holiday season! We wish you all the best year ever for 2023!! So let’s talk about this crazy real estate market of 2022!! Since its the year end we will break down the cities one by one to see how they performed this year and a look at where they are headed!

First let’s look at Maricopa County year December and Year end Market. As you all know the first half of 2022 was ridiculously strong with sky rocketing prices, multiple offers, no repairs, buyers giving it their all to get their offer accepted! Now the last half looks very different! Although we have not seen the market “Bust” like some thought was going to happen, in December we saw our first dip in Median home prices, however with the first 2 quarters having such strong increases, YTD values still stayed above 2021 prices.

Maricopa County saw an increase in inventory YTD of 92.63%, because inventory was so drastically low, we are still only at 3.23 months of inventory for Dec, 1.83 months YTD. Still considered more flat market, not quite a buyers market. Median home price in November was flat with 2021, now in December we saw a slight dip -2.82% first time its dipped all year. However YTD still finished 14.21% higher than 2021. If inventory continues to rise, we could start to see prices dip even more.

Avondale increased inventory YTD 200.00%. December still held strong on the median home price of $410,000 with an increase of 2.51% over Dec 202, with a YTD median home price to $430,000 increase of 17.81%. Year end sales by -28.8%.

Buckeye had a 212.82% increase in inventory brining on a dip in Median home price in December of $378,990 of -10.83%, finishing out the year 14.08% over 2021 with a median home price of $427,787. Year end sales were down by -11.0%.

El Mirage inventory increased by 107.69%YTD and median home price dropped by -4.08% in December to $348,300 closing the year out at $427,787 thats an increase of 18.54%. Closed sales down -24.6% YTD.

Glendale increased inventory levels by 106.67%, with a median home price having slight increase for December of 0.76% at $400,000 and increased 16.22%YTD to $430,000. Sales were down YTD by -25.0%

Goodyear increased inventory by 113.25%, with median home sales up 2.13% for December to $480,000 and YTD up 17.69% at $501,340. Sales were down -23.4%YTD.

Laveen increased inventory by 101.06%, with median home sales down -3.23% for December to $419,000 and YTD up 14.14% at $460,000. Sales were up 2.2%YTD.

Litchfield Park increased inventory by 115%, with median home sales down -12.74% for December to $462,9490 and YTD up 13.83% at $535,000. Sales were down -14.2%YTD.

Peoria increased inventory by 135.29%, with median home sales down -5.38% for December to $440,000 and YTD up 16.27% at $499,945. Sales were down -24.8%YTD.

Phoenix increased inventory by 76.67%, with median home sales down -1.25% for December to $395,000 and YTD up 16.12 % at $425,000. Sales were down -1.25%YTD.

Surprise increased inventory by 146.15%, with median home sales down -4.09% for December to $410,000 and YTD up 18.61% at $450,000. Sales were down -21.3%YTD.

Tolleson increased inventory by 233.85%, with median home sales down -2.62% for December to $389,900 and YTD up 18.61% at $427,000 YTD. Sales were down -8.0%.

Waddell increased inventory by 155.91%, with median home sales down -12.08% for December to $467,750 and YTD up 18.47% at $540,000 YTD. Sales were down -11.6%.

Market Insights: 

Buyers the tables have turned, you are no longer at the sellers mercy! Sellers are allowing concessions for buyers interest rate buy downs, repairs, what ever they need to secure a buyer for their home. Lenders have loan programs available to over come the rate hikes!

Sellers, this is an extremely competitive market, it is so important to hire an experienced Realtor that is not only skilled at negotiations, staging and able to sell the product they have in your home. Preparing your home is crucial! Buyers don’t want “credits” for things like paint and carpet, go on the market looking clean and move in ready. Obvious signs of deferred maintenance..is not going to sell your house, its only going to cost you thousands in price reductions!

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October 2022 Real Estate Market Report

November 11th, 2022

Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for October 2022. Statistically we are now in a blanched market, headed to a “soft buyers” market. In my opinion this market is like a stagnant chess game, both sides holding out. Buyers are on the fence waiting for interest rates to come back down. Sellers are waiting to list in Spring, or deciding to rent. Which in turn means the rental market is seeing a large increase in listings and prices are beginning to come down on leases as well.

However for those sellers motivated to sell for one reason or another we are seeing price reductions, average about $15,000. As well as 47% of sellers gave Buyers concessions towards closing cost or rate buy downs. However with the price reductions all West Valley cities median home prices are still up over last year, just not double digit increases like we had seen.

October closing in Waddell and Tolleson were up over last year, Wadell 14.3% and Tolleson 4.3%. All other cities were considerably down over last year. El Mirage -62.5%, Avondale -52.8%, Surprise -47.9%, Peoria -46.3%, Glendale -45.3%, Phoenix – 43.7%, Buckeye -34.7%, Goodyear -33.3%, Litchfield Park -20.7%, and Laveen -13.6%.

While inventory levels have increased greatly in, we have not seen a plummet or crash in the market. The greater Phoenix area has tremendous employment growth and still a highly desirable retirement state. It is also anticipated that this will be a slow winter for sales and an expected decrease in home prices. Thats good news for Buyers holding out until spring, however with more buyers in the market, sellers may not have the need to offer closing cost incentives.

Market insights:

Greater Phoenix area is still not headed to a market crash, by any means, we still have such a high demand and growth.

Average seller concessions towards buyers closing cost for October closings was $9,000.

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Real Estate Market Report for August 2022

September 13th, 2022

Hows the Market?? Here is your Phoenix / West Valley area Real Estate Market Report for August 2022. Well its no secret that the market has cooled down and interest rates have hiked up, but what does that look like in the Maricopa real estate market? Well the rise in rates have definitely lowered demand, causing inventory to rise. As I always say, Real Estate is still a commodity driven by supply and demand so let’s take a look at the inventory supply.

We have seen some pretty big jumps in inventory in the west valley, Maricopa county up 53.93 on August 2021. Tolleson increased 159.32% over same month last year, Buckeye up 156.92%, Avondale increased 133.33%,  Waddell 125.64%, Peoria increased 90.32%, Surprise up 88.41%, Laveen up 87.18%, Litchfield Park up 78.65%, Goodyear up 71.62%, Glendale up 62.50%, El Mirage up 51.52%, and Phoenix up 39.08%.

So what does that all mean? Most west valley cities are in a more “balanced market” no longer the strong sellers market we saw the previous few years. So what is all this doing to prices? I am sure you may be seeing price reductions, does that mean the market is busting? Well for right now, that answer is a very clear no, we are seeing price corrections for sure, but the bottom is not falling out.

Home values are still holding steady over last year. Take a look at the chart  most west valley cities are still showing an increase in median home prices over the August 2021, most are still having double digit increases.

Obviously we have no idea what interest rates are going to do and although home prices are settling down, buyers are seeing that the mortgage payment is far higher for the same loan amount than it was with rates just a few months ago. The rates are jumping up and down daily, so it,s never been more important than ever to have a great lender on your side that is watching the rates daily. If you don’t already have an awesome lender, I highly recommend Jennifer Gokool at Castle and Cooke Mortage, (623) 512-4087.

If you have been on the fence about buying, perhaps gave up on the multiple offers and feeding frenzy market we had, well good news, theres more homes for you to choose from, most cases you are not having to deal with a bidding war and over 13% of the closed sale last month had sellers concessions. Sellers concessions are a great way to buy down the interest rate for a more affordable payment. Competition is low, and sellers are motivated, its a great time to get a good deal on a home, don’t wait for spring like everyone else to buy!!

Market Insights:

New build construction permits dropped -49% from March to July, this is a good thing that the builders have adjusted quickly so builds will not over supply the market.

Arizona Labor force has grown by 191,877 people, thats 5.7% up from the lowest in April 2020 pandemic.

All 11 major sectors of labor force recorded job gains, high end manufacturing, semiconductors, Construction, transportation and utilities, health care & education, and many companies bringing their industry to Arizona is going to keep housing demand high.

Click to enlarge Market Report

Market Report for Phoenix West Valley May 2022

June 13th, 2022

Hows the Market?? Here is your West Valley / Phoenix area Real Estate Market Report for May 2022. Shift Happens, and when it does it happens fast! This shift swooped in quicker than 2006 shift! Just like that shift, many of us saw it coming, just rode the wave as long as it was still hot. But dont be concerned, this is not the same shift in anyway. Highly unlikely that we will see foreclosures and short sales like the past real estate bust, that was all driven by loose lending practices and banks flooding the market with to much inventory driving prices downward. Todays market, homeowners have equity and were very qualified borrowers, long gone has been the “breathe on a mirror”and you are qualified for mortgage! As well these notes over the last several years have historically low interest rates, which makes it much more affordable to own than rent. Security in mortgages is the key difference from todays shift to the past real estate crisis.

As interest rates have hiked the past several weeks, as expected, it bumped many buyers out of the market, as well as bumped most buyers a step down in what they can afford for the same loan amount. Median home price in Maricopa is $467,000, that payment a year ago would had been approx. $1800, todays rates, it’s roughly $2800, reducing buyers purchase price. So whats going in the real estate market, let’s take a look.

So keeping in mind theres a 30-45 day lag time for sales to close escrow, these numbers are true to April sales, which is when we all felt the slow in mid April. So next month we report truer numbers to this shift in the market, but still see the numbers shift for May.

Interestingly enough, all west valley cities still saw slight increases in median home prices, except for Glendale which held flat. Low inventory levels still depict an extreme sellers market, again completely opposite of the mortgage bust when lending institutions shot inventory levels up to 18mths causing a surplus of homes for sale and driving prices down. Maricopa county is sitting at less than 1 month inventory, so typically that low supply would not bring the prices down, only time will tell.

Inventory levels, basically supply demand are the number one contributor to home prices, as sales have slowed, Maricopa county overall all was down -1.13% compared to last year, inventory levels increases in all but two west valley cities. Phoenix is still down -7.23% and El Mirage down -8.82% compared to last year. Because inventory levels effect home prices so drastically thats always an important trend to follow. Avondale is up 155.81%, Buckeye up 87.50%, Tolleson up 68%, Waddell up 58.21%, Laveen up 59.68%, Peoria increased 30.36%, Litchfield Park up 26.19%, Goodyear up 25%, Surprise up 22.13%, and Glendale up 12.50%. Although these increases seem significant, we are still extremely low on supply, Maricopa county has only about 3 weeks inventory supply. All west valley cities are at 1 month or less of inventory.

Closed sales were down compared to last year in all west valley cities except for Laveen up 22.5%, Buckeye 8.3% up and Litchfield Park up 3.8%.

With interest rates expected to continue to rise throughout the rest of the year, and inventory levels creeping up we could see a “balanced market” next year. A bigger factor that we can not for see the effects of the real estate market would be inflation and a looming recession. Last time

inflation was this high, was the 80’s and interest rates were in the double digits. As far as good time to buy, 4-5% current rates could be very good rates compared to just how high they could go.

Market insights:

Although buyer traffic has slowed, there is still a fair amount of buyers still shopping for a home in the Phoenix area. Median priced homes, under $450,000 are still selling daily quickly under 2 weeks.

Price reductions: Most of the price reductions we are seeing are more like “price adjustments.” When 4-5 weeks ago the market was so hot that listings were coming on the market at an increase of what the previous homes had just closed at, thats no longer the case in todays market. So many of the price reductions are listings thats came on the market higher than the closed comps and they are prices adjusting to be in line with the comparable closed sales.

Personally with speaking to so many people about the real estate market, economic state, inflation and extremely high gas and food prices that our country is currently in I think consumer confidence is beginning to impact our local market. I am hearing a lot of buyers getting nervous and holding off on all major purchases for now, until theres more security in the economic state of our country.

So we will just keep tracking it month to month and keep you all up dated best we can with the local market trends.

Click to enlarge Market Report

Real Estate Market Update for Phoenix West Valley Cities April 2022

May 14th, 2022
Hows the Market?? Here is your West Valley / Phoenix area Real Estate Market Report for April 2022. Well its finally here, the SHIFT we have all been waiting for, is this the start of the “bubble busting,” “ the market crash,” “foreclosure market” Well lets take a look at what the heck is going on, and I can say, like I have said to my clients so many times, when it shifts, it shifts fast.
So whats the shift am I talking about? Jan-Mar was a frenzy, buyers were pressured more than ever to get into a mortgage with the threat rate hikes, multiple offers, waved appraisals, 20-50, even 70K over asking price. Listings selling within hours and some before they came on the market!! It was truly the craziest and busiest first quarter I have seen in 19 years!! Really insane! Then just like that  towards the end of April it hit….
Mortage interest rates took a jump have certainly caused a slow in demand in the market. We are seeing listings sit on the market a little longer, average days on market in most cities are up over 20 days. The rate hikes are going to knock many buyers out of the market, for example the median home price in Maricopa county is $470,000, in 2021 that payment would had been around $1800, today rates you’re looking closer to $2800.
Another condition causing this slow is that home values have now exceeded the median household income for affordability in Maricopa. In order for a family to qualify for the median home price the income would need to be over $120,000 per year.
With listings sitting on the market longer, we are seeing increased inventory levels over same month last year in all but two West Valley cities. Buckeye up 68.42%, Tolleson 41.18% increased, Laveen up 39.68%, Waddell up 39.13%, Avondale up 34.88%, Goodyear  up 28.57%, Litchfield Park up 22.22%, Peoria up 14.04%, Surprise up 11.94%, and  Glendale up 8.06%. While El Mirage inventory is was down -14.71% and Phoenix also down -13.25%.
Another indicator of the shift happening was the closed sales for May came up low in all West Valley cities except one. Buckeye was up 10.8% compared to May 2021, leaving them 11.0% up for the year to date. Waddell down -27.6%, down -6.3% YTD, Peoria down -21.4% and -9.0% YTD, Surprise down -11.9% and slightly behind last years sales at -0.3%, Avondale was down -10.7% and down -11.9%YTD, Laveen down -9.9% MTD yet still up 17.6% YTD, Glendale down -7.9% MTD and down -6.0% YTD, Goodyear also down -7.9% MTD and down -2.8% YTD, Phoenix down -9.4% and -7.6% YTD, Tolleson down -8.3% and -14.7% YTD, El Mirage down -4.8% and -3.4% down for the year, also down -4.8% Litchfield Park however they are still up for the year 6.6%. Maricopa county down -8.8% for the month and -4.1% for the year.
So whats this all mean??? Well if you’re waiting for the market to BUST, its just not happening anytime soon. Waiting for the foreclosures? Absolutely no sign of that in the near future whatsoever! 21 homes in all of Maricopa went to Trustees sale and all were purchased by private parties, zero went back to the lender. Waiting for prices to plummet? Sorry, demand is still too strong and supplies still way to low, what we will see is a slowing of the huge increases month over month. Realistic sellers will price at market value, not increased over what the last home just sold for. We are seeing price decreases, however these are the aforementioned sellers that started too high to begin with. Just remember we are still in a “frenzy market”  extreme sellers market, and many buyers with cash aren’t affected with interest rates. It is still expected for home values continue to rise, just at a slower pace.

Real Estate Market Report- Phoenix AZ Area December 2021

January 12th, 2022
How’s the Market? Here is your West Valley Market report for Dec 2021. Happy New Year everyone!! Hope you’re all  staying healthy. Well with yet another year of Covid craziness Maricopa County continued to soar in the real estate market. Inventory continues to be excruciatingly low, driving home prices upward. Maricopa ended the year with the median home price up 25.08% over last year, going into 2022 at $425,000. Home sales were up 4.8% over last year, which is incredible consider we had a -38.56% decrease in inventory over last year. So since it the year end last look at how each  West Valley City did for 2021.
Avondale, sales were flat with 2020, with inventory down -31.46% compared to last year. The median home price, $400,000 which is a 29.78% increase.
Buckeye sales were down -4.4%, with inventory down -39.53% compared to last year. The median home price, $425,000 is a 34.65% increase over last year.
El Mirage sales were up 5.1%, with inventory down -22.22% compared to last year. The median home price, $363,100 is a 36.56% increase over last year.
Glendale sales were up 7.5%, with inventory down -21.05% compared to last year. The median home price, $397,750 is a 28.92% increase over last year.
Goodyear sales were up 2.8%, with inventory down -44.22% compared to last year. The median home price increased 31.08% bringing it to $470,000.
Laveen sales were up 10.4%, with inventory down slightly at -4.85%. The median home price up 36.61% at $433,990
Litchfield Park saw a 6.1% increase in sales with inventory down -35.06%. The median home price was up 22.08% at $530,000.
Peoria sales were down slight -3.3%, with inventory the lowest drop in the west valley, -45.16%. The median home price increased 25.73% at $430,000.
Phoenix sales were up 6.6% over last year and inventory down -33.58%. Median home price jumped to $400,000, a 22.82% increase.
Surprise sales were short 10 homes over last year at a  -0.2% drop, while inventory was down -36.59%. Median home price sitting at $427,500 for a 29.41% increase over last year.
Tolleson sales were down -7.4%,  while inventory was down -16.67%. Median home price was up 34.58%, at $400,500.
Waddell dropped in sales -22.2% with inventory down -35.86%. Median home price was up 30.29% over last year at $532,000.
Market insights:
Interest Rates increases! The Feds announced they would increase rates 3 times this year and we are already seeing the largest hike in the last couple of years. This will have an impact on the loan amount that buyers can qualify for, potentially knocking many first time home buyers completely out of the market. The impact on move up buyers could possibly be larger down payments or rate buy downs in order to still qualify in that same loan amount.
The market is still seeing multiple offers in nearly all price ranges. Still seeing a lot of buyers relocating to Maricopa from California and Washington. With low inventory levels, prices will most likely continue to rise in 2022.

Phoenix Area Real Estate Market Report by City

November 16th, 2021
How’s the Market? Here is your West Valley Market report for October 2021! Sales were a little slow during the month of September leaving Oct closings lagging behind last year. Could it have been the higher than average temps or are we starting to see a shift. Only time will tell, however it does seem to me to have had a sudden pick up now that the collar weather has arrived. Guess we will see if that trend continues in November or if sales increase. Slow sales are not stopping the increasing home prices, check out the report to see how your city has increased this year.
Only two West Valley cities saw a positive increase in closed transactions over last year. El Mirage had a 33.3% increase in closed sales, with YTD up 12.9% over last year and thats with -18.75% decrease in inventory! Glendale was up 5.4% for the month and  10.9%YTD increase, coupled with -22.45% less inventory than last year. Taking a look at the other cities, although slow sales for the month many still have increased sales over last year while struggling with low inventory. Laveen was down -3.0% although, up 10.05%YTD, with inventory down -13.46% compared to last year.  Litchfield Park was down -26.6% last month, although up 10.05% YTD with a decrease in inventory of -40.49%. Phoenix was down -17.1% in sales last month while still up 9.2%YTD with a drop in inventory of -49.24%. Goodyear was down -26.5% last month but still up 1.8%YTD, with inventory down -50.93%. Avondale dropped -22.3% last mont, but still up 1.3%YTD, with -38.46% less inventory than last year. Surprise was down 10% last month, but holding flat with sales with last year, inventory is down -42.31% compared to last year.
A few cities are a bit sluggish this year. Waddell was down 61.1% in sales last month, down -19.3% YTD and inventory down -42.95. Tolleson was down -21.7% for the month and -6.2%YTD, with a decrease in inventory -23.17%. Buckeye was down -4.8% for the month, down -4.3%, with inventory down -47.14%. Peoria was down 17.1% for the month, hanging on tight with YTD sales only down -0.8%, with a drop in inventory of -49.24%.
 Maricopa county was down -12.4% in sales last month, but still up 7.0% YTD, with a -42.24% less inventory.
Market Insights: Still seeing multiple offers on properties of all price ranges. All types of financing, we are seeing lots of VA and Conventional are getting their offers accepted, more than cash. Prices are still increasing and projections are 15-17% increases over this next year. Maricopa County still has high employment opportunities and lots of people relocating which continues to be the number one factor in increase home prices.

West Valley Real Estate Market Report by the Jennifer Sanchez Team

August 12th, 2021
How’s the Market? Here is your West Valley Market report for July 2021! Well lets just get right into it, closed sales were down in all West Valley cities, with the exception of two, Laveen up 22.7% and Litchfield Park up 6.5%. Maricopa county overall was down -13.3% over last year. Waddell down -31.0%, Tolleson -30.2%, Avondale -27.1%, Surprise 25.7%, Goodyear -23.4%, Peoria -20.6%, El Mirage -18.6%, Buckeye -16.9%, Phoenix -12.8%, and Glendale -9.1%. Is this a sign of the BUST? Absolutely not. If you remember last year with the COVID shut down, although real estate was an essential and never closed there was a slowing in the spring when the state closed. Then when it opened back up June, July exploded real estate sales where some of the highest and busiest months compared to previous years. I know personally it was my busiest summer in 17 years. So these slow sales to me are just an indication of a normal summer selling season in Phoenix area, and a reflection of the increased sales last year.
More proof that we are still in a strong sellers market is that homes are selling quicker than ever, on average less than 2 weeks on the market. Home prices are continuing to increase at a rapid pace. Median home price in Maricopa county is $375,000, thats a 25% increase over last year! The low inventory levels continue to drive the median home prices in all cities. Laveen is up 35.59% year to date, Buckeye 32.08% El Mirage 30.43%, Tolleson 29.41%, Avondale 28.30%, Waddell 27.82%, Glendale 27.27%, Goodyear 26.98%, Surprise 25.76%, Peoria 24.28%, Phoenix 22.81%, and Litchfield Park 15.04%.
The inception of this monthly blog came to me because the first thing people would ask as soon as they heard I was a real estate agent,  “How’s the Market?” well I don’t get that question anymore, now it “So when is the market going to Bust?” My first response to that question is that this is not the 2004-2006 housing boom, which was born on bad loans, stated income, interest only, basically buyers bought homes they couldn’t afford when the interest rates adjusted and with no equity it was a lost cause and the beginning to the downward spiral.  In this market, buyers are putting large down payments, cash over appraisals and fixed payments, therefore they have equity in their property so the foreclosure threat just isn’t there.
This market is a housing shortage due in part of that housing crisis, as home builders stopped building homes for several years and attributed to our current low inventory levels. However builders cant seem to build quick enough to help level out this market.
Another driving force in the Maricopa county is the increase in jobs. Many companies have relocated to Maricopa County bringing thousands of jobs. Low property taxes and low income taxes, nine months of perfect weather and no natural disasters make Maricopa county a perfect place to  retire and that continues to be the number one reason people move here.  All those things combined with the low inventory supply is whats driving Maricopa county home prices upward and none of these indicators seem to be stopping any time soon.  Of course there are other  factors that can effect a real estate market, over all the economy right? So far right now, market is still going strong.
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