The Ewen Real Estate Team bringing you the February 2017 Market Report. The median list price went up to $310,000 for February. The number of listings stayed fairly consistent just under 24,000. This still leaves us under 3 months of inventory, thus leaves us in a sellers market. Make sure if your looking to purchase a home you keep this in mind. A low inventory means there is more competition for each home and ultimately more offers for the seller to review. Many sellers are not offering concessions to help with buyers closing costs or less than the requested amount. Make sure you check all available down payment assistance programs for additional assistance.
February 2017 Market Report
The average list price did increase significantly which usually indicates sellers “trying to see what they can get”. This was a 9.64 percent increase of that of a year ago. Not a lot to worry about here though, the average sales price only rose 5.54 percent which is a little more realistic. The days a home remained on the market is pretty consistent with that of a year ago. Homes are still floating around 81-83 days on market. Since the prices have risen significantly in the past year the homes priced under $160,000 have decreased by half. The reason being there are less homes available and many are now priced higher. By the same token, homes above $180,000 have seen a huge increase in sales. This is primarily because the homes have moved from one price bracket to another.
Phoenix, Scottsdale, Mesa, Chandler and Gilbert have the most amount of homes for sale. Avondale, Buckeye, Goodyear, Surprise, Glendale and Peoria are leading the West Valley for the amount of homes for sale. Since the Pathway to Purchase downpayment assistance program is almost out of funds. This may very well bring the sales in some of the qualifying cities down a little. Due to this, It could also indicate that the homes may stay on the market a little longer in the qualifying communities.
Thank you for checking out our monthly Real Estate Market Report. Please come back and check out next months addition!
Have a great day!