It’s always good to reflect on the biggest investment of your life. Here is a breakdown of the market trends in the real estate market in Maricopa County during 2017. These statistics came from the Multiple Listing Service (MLS) and are from January through December 2017.
Real Estate Market 2017 Annual Report
Number of homes sold: In Maricopa County during 2017, there were 95,012 homes sold. This is up a total of 6 percent from the previous year.
Average sales price: Homeowners are happy to see the average sales price of homes for sale rise up 7 percent this year to $297,193.
Average days on market: The average days a home spent on the market was 64, which is down 8 percent from the previous year.
New Listings: The new listings for the year was down slightly but still within one percent of the previous year at 116,695.
Average mortgage interest rate: The interest rates for the year definitely hiked up a little with 4.1 percent being the average and was up 11 percent from 2016.
Months of inventory: 2.6 months of inventory is definitely the biggest move of the needle. For sellers its great news with this 16 percent drop, but for buyers it means plenty of competition on the homes for sale.
Real Estate Market 2017 Annual Report Recap:
Maricopa County saw the number of homes sold and the average sale price go up during 2017. There are fewer homes available which means the competition for buyers is increasing. Rising interest rates and sale prices are definitely creating a sense of urgency with buyers. This continues to be a sellers market, which is why the sales prices are going up above predictions.
Are you looking to purchase, or sell your home? It is crucial you work with Realtors who have their thumb on the pulse of the market. We know our market and will work hard to get you the best deal possible! Contact Us today for your free consultation.