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.
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.
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