Phoenix West Valley Real Estate Market Report January 2021

February 19th, 2021
Hows the Market?? Here is your West Valley Market Report for January 2021. Hope your all staying healthy and having a great start to the New Year!! Once again Phoenix Market saw record home sales this month. Home demand continues strong and inventory continues to diminish with very few available homes for sale. We currently have more homes in escrow than for sale, once again showing that we are not in a housing bubble, we have a supply issue.  Driving home values upward, take a look at the chart to see the huge jump in median home prices by city.
So let’s take a look at the breakdown for sales last month. Nearly all West Valley cities had an increase in sales over last year, Goodyear had a 22.4%, Phoenix +17.2%, Litchfield Park +17.0%, Tolleson +11.9%, Laveen +10.6%, Buckeye +7.1%, Glendale +7.3%, Surprise +3.8%, El Mirage + 2.5%, Peoria +1.4%, only Avondale was down -14.6%. Over all Maricopa County had an increase of +13.7%.
What makes these sales increases more of a phenomenon is how low the market inventory is. I know I have been saying this a lot over the past several years, low inventory, low inventory…. but we are at an all time low! Take a look at the chart, only one West Valley property is over 1 month of inventory, Litchfield Park at 1.09 months and all the rest are below on month. Maricopa County is at 1 month of inventory. This is absolutely insane!!
As far as an outlook on inventory levels increasing, doesn’t look like we will be increasing anytime soon. Last month all West Valley cities were down over last year, as far as new listings being. Laveen -48.8%, Buckeye -37.0%, Surprise -37.0%, El Mirage -36.7%, Tolleson -27.9%,
Peoria -24.6%, Avondale -24.1%, Glendale -19.5%, Goodyear -19.8%, Phoenix -15.6%, and Litchfield Park -11.1%. Maricopa County was down -7.9% overall.
With strong sales and decreases in New listings being taken, it is very likely this strong sellers market will continue to drive home values for several months at least.

West Valley Market Report by City December 2020

January 8th, 2021
Hows the Market?? Here is your West Valley Market Report for December 2020. Happy New Year! I wish you all a healthy and prosperous 2021! Well let’s look at the real estate market and see how each city performed this year with lockdowns, elections and all the craziness we endured this past year.
We can definitely say the real estate market was strong all year with Maricopa County having a 13.72% increase in median home prices, for the year and sales were up 6.0%. Thats pretty remarkable considering that the inventory was down -32.16 from last year. Currently sitting with only 1.54 months of inventory.
So let’s look at each West Valley City.
Avondale had a 12.24% increase in median home prices, inventory was down 31.01% for the year and sales were down -9.0%. Currently sitting at 0.69 months of inventory.
Buckeye had a 15.13% increase in median home prices, inventory was down -39.53% compared to previous year and sales were down -3.2%. Currently sitting at 1.3 months of inventory.
El Mirage had an 11.63% increase in median home prices, inventory was down 30.51% for the year and sales were down -5.7%. Currently sitting at 0.82 months of inventory.
Glendale had a 8.53% increase in median home prices, inventory was down 31.01% for the year and sales were down -10.6%. Currently sitting at 1.47 months of inventory.
Goodyear had a 7.55% increase in median home prices, inventory was down 41.90% for the year and sales were down -4.3%. Currently sitting at 0.69 months of inventory.
Laveen had a 14.12% increase in median home prices, inventory was down -34.62% for the year and sales were down -6.3%. Currently sitting at 1.02 months of inventory.
Litchfield Park had an 18.46% increase in median home prices, inventory was down -42.55% for the year and sales were down -3.7%. Currently sitting at2.67 months of inventory.
Peoria had a 11.70% increase in median home prices, inventory was down -37.5% for the year and sales were down -37.5%. Currently sitting at 1.25 months of inventory.
Phoenix had a 14.99% increase in median home prices, inventory was down -37.5% for the year and sales were down -5.9%. Currently sitting at 1.37 months of inventory.
Surprise had a 12.08% increase in median home prices, inventory was down -34.76% for the year and sales were up 2.5%. Currently sitting at 1.24 months of inventory.
Tolleson had a 11.46% increase in median home prices, inventory was down -48.03% for the year and sales were up down -6.2%. Currently sitting at 0.79 months of inventory.
MARKET INSIGHTS: Homes are selling faster than ever with multiple offers, in almost all price ranges. Buyers are having to get more and more creative against the competition. Interest rates are historically low, seeing below 3% in most cases, 15 year fixed 2.25%-2.75%.  Rental market has surge so much that its cheaper to buy than rent, thats putting more buyers in the market place, with the low levels of supply, its anticipated to continue driving home values upward at least through summer of next year.

Real Estate Market Report for the Phoenix Area November 2020

December 8th, 2020

Hows the Market?? Here is your West Valley Market Report for November 2020. Well as this year comes to an end we can certainly say the real estate market has been just as crazy as 2020 was for everyone. Homes are selling faster than ever, multiple offers and many times over the asking price. Maricopa county continues to be a “High Demand, Low Supply Market.” The low supply of homes for sale continue driving prices upward very quickly, currently the Median home price in Maricopa county is $314,000 thats a 14.18% increase over last year. Along with only 1.42 months of inventory, we will definitely see prices continue upward. Current projections are that prices will continue upwards at least the first half of next year. Experts say that we will only see a shift in the market as home affordability exceeds the cost of living in Maricopa, that will remove many buyers out of the market and lower demand.

Along with this strong sales, we did see some cities increase the number of new listings on the market. El Mirage listed 53.8% more homes in November 2020 as compared to 2019, thats 60 new listings versus 39. Laveen up 22.2%, Litchfield Park 12.23%, Phoenix 10.5%, Glendale up 6.2%, Avondale 5.2% up, Tolleson up 4.4%, Peoria almost flat at .9% and Surprise was flat with last year. So this is all great with the low inventory levels, however it doesn’t indicate a shift in the market, the reason is simple, take a look at the record sales we had last month. Even with this increase in new listings taken the sales off set them.

All West Valley cities have seen double digit increases in median home prices this year. November brought some record sales and big increases in median home prices. Buckeye had a 22.14% increase in median home prices, with a 21.0% increase in closed sales. Laveen’s median home prices up 20.86%, with an 31.0% increase in closed sales. Phoenix up 18.08% with closed sales up 20.9% over last year. Surprise increased 16.85% with sales up 9.0%. Goodyear increased 16.0% and closed sales 19.6% increase. Peoria median home prices increased 15.91% and closes sales 34.6% up. Litchfield Park

increased by 15.88% and closed sales up by 16.4% Glendale increased 15.14% and closed sales up by 6.4%. Avondale up 13.55% with closed sales up 37.3%. El Mirage 12.75% up and closed sales 66.7% increase. Tolleson increase 10.70% along with closed sales up 35.7%.

Wrapping all that data together goes back to our high demand and low inventory market, definitely NOT a “bubble” as rents are increasing quicker than home values. Maricopa county has more homes in escrow than listed on the market. Ending November with only 1.42 months of inventory. Tolleson is only at .07 months. Avondale at only 0.86 months. This are scarcity levels. Take a look a the chart below to see how many months of inventory is in your city.

Market insights: 2-3% mortgage interest rates are a big driving force in buyers in the market place. Buyers can now qualify for much more home prices than in previous years. This has increased the amount of first time home buyers greatly. Although all price ranges are selling quickly, not just the entry level homes. Even through a pandemic, the market is extremely strong.

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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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