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
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.
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!
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.
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.
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.
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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