Phoenix Area Real Estate Market Trends

Phoenix Area Real Estate Market Trends

We haven't shared a Phoenix area market update in a while so it's probably well past time!  


Here's a look at the averages this last week for a rolling 30 days and the year-to-date numbers compared to last year for the major cities listed below. Want numbers for another part of town? No worries!  Call or Email Chelsea at (602) 748-6136 and she'll happily send those over.  Want to check your home value now? Click here!

 

The overall market continues to be a seller's market in ARMLS (Maricopa & Pinal counties database) with 17,897 active homes on the market (with less than 2% of those listed being distressed properties), 10,360 homes under contract and 7,905 closed in the last 30 days.  The average sold price ended up at just under $300k at $294,461 or $184.84 per square foot.  Homes on average sold in 66 days.  For the year, we're up over 4,000 units sold from 2016 and prices have increased 6.7% year-over-year.  Remember, this is macro-data. Each city and each neighborhood can always tell a different story.  Call 480-518-9907 to figure out your micro-data for your specific house & neighborhood.


CITYAverage Sold PriceAverage Price/Sq FtAvg Sold Price Y-o-Y 2016Avg Price/Sq Ft Y-o-Y 2016
Chandler$324,112$155.94  (+5.9%)$302,658$146.70
Glendale$235,010$127.29  (+6.5%)$219,133$118.89
Gilbert$352,753$152.94  (+3.8%)$329,884$147.10
Mesa$245,604$136.87  (+8.0%)$224.287$125.86
Peoria$289,842$138.39  (+7.4%)$265,393$128.14
Phoenix$271,936$159.03  (+4.1%)$255,460$152.42
Queen Creek$306,895$126.51  (+7.0%)$288,430$117.53
Scottsdale$532,896$220.03  (+5.0%)$507,000$208.95
San Tan Valley$211,211$108.68  (+9.5%)$195,241$98,30
Tempe$275,378$163.61  (+6.3%)$260,954$153.21


There's a couple conclusions to draw from this info above... We have had a decent year in price increases across the board.  Our average annual appreciation in the valley is 4-6% and most cities are well within that range. The areas that tend to be up a bit higher also have the lower average price point which means tons of buyer competition and a lower inventory supply.  What does this mean?  Prices have kept going in a great direction for Sellers and inventory levels remain low which helps the days on market numbers over all.  With buyer demand up 25%, 4th quarter is going to be a great selling season again.  Check your value now!


Call 480-518-9907 to start the home selling process!


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Chelsea Anderson Headshot
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Phone: 602-748-6136
Dated: September 26th 2017
Views: 183
About Chelsea: Chelsea joined the real estate community in 2010 as the Marketing Director for a small local commerc...

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