The Blog ofYour Red Door Real Estate Team

Phoenix Real Estate Year End Recap 2018

2018 – what a year! 

 

We started off with a bang and peaked earlier than our normal “seasonality peak” in June instead of July.  Sales were going so strongly that those 6 months set us up to have the 2nd highest sales year in history! Average price per square foot is up 8% year-over-year!

 

STATS:

95,795 Sales in 2018 (2nd Highest in ARMLS History)
$323,600 Average Sales Price ($158.74/sq ft)
65 Days on Market

1% of the active market is distressed
3 months supply of homes

 

All of us have heard the National news stories forecasting and warning of another downturn in the real estate market coming in 2019.  Every market is then broken down from the Macro to the Micro level. Looking at Arizona, we have recovered so conservatively over the last 8 years that we should be well insulated from any National fluctuations. Local experts predict a flat year for inflation in the Arizona home values.  

 

This next year will be one to watch with Arizona ranking in the top 10 for population increase, job growth and an affordable housing market.  A flat year is not a bad thing after so much growth and we expect to have another strong selling season this spring/summer.  If you’re looking for an opportunity in the market to make a move, this will be a good time to move-up with a contingent offer and be able to negotiate on prices, concessions and terms.  You should expect longer time on the market with fewer buyers competing for your listing.  Pricing, Staging, Presentation and Marketing Strategies will all be key in successfully selling your house in 2019.

 

Let’s talk about your upcoming sale so we can help you best prepare your house for market in 2019. Call Chelsea Anderson at (602) 748-6136