Welcome to the Ewen Real Estate Teams June 2017 Market Report
Our June 2017 market report shows the median sale price of a home in Maricopa County was 245,000. Compared to the statistics of a year ago, this is a $15,000 increase indicating that our market is still appreciating.
Absorption Rate
The absorption rate tells us how many months of inventory of homes for sale that we currently have. The current absorption rate is 2.7 months and that is a 14 percent drop since June 2016. What this means is there is a larger demand for homes then there are homes on the market for sale. We call this a “sellers market”. So if you may have been thinking about selling your home, now is a great time to explore that option. Please contact us if you would like to know the value of your home.
Days on the Market
The average days on market a home had before it sold has actually decreased, meaning the homes are being processed and sold quicker. June 2017 had 67 days on market as the average from execution of the contract through closing and recording. This is almost a week faster than that of a year ago. This is a great sign that everyone is negotiating and performing in good faith. This means that there have been much less hold ups in the process such as lending requirements, inspection repair negotiations and appraisal issues.
Pool Homes
Pool homes this time of year are in big demand. There are not that many on the market and they are commanding premium pricing. Make sure when you have a home inspected you pay to have the pool inspected with it so you know exactly what you are in for financially. Pool pumps, plastering, and cool decking can be very costly and its best to get a thorough inspection on all of these items.
Please let us know if you have any questions and have a great month!
