The numbers are out, and the Phoenix Metro real estate market is going strong! Sales are up 13.8% over last month and are 5.6% higher than last year’s sales. Housing inventory numbers for new and total inventory were up, but inventory remains low with only a 2.43 month supply of homes. Home prices have also increased in the past year, with the average sales price up 5.6% and the median sales price up 6.3%. Days on market have continued to be consistent for the last quarter and is currently at 69 days on market.
For the first time in 2019, we saw a year-over-year gain in
sales volume, the second highest sales volume on record. Lower interest rates and higher loan limits
are helping the market lift. Based on the current activity, we also expect
strong sales numbers for May.
Another factor for a strong real estate market is that Phoenix was named as the top destination in the country according to a recently published Redfin Migration Report. More than a third of people searching for homes last quarter were from out of town. Many are coming from California and expensive cities from other states, for our low cost of living and great weather. This trend has been increasing thanks to strong job growth and major companies like Allstate, Intel, Boeing, Microsoft, & Facebook moving or expanding operations in the Phoenix Metro.
If you’re considering moving up or down, now is an opportune
time to make that move. Let us show you how much more our 20+ years of
experience will put in your pocket! Call us at 480-355-8645 or email Info@LocateArizonaHomes.com
Adorable town-home in a gated community! Welcoming entry faces a community greenbelt. Upstairs, the open floor plan is filled with natural light and is perfect for entertaining. The kitchen features a breakfast bar and island for plenty of counter space. Enjoy your morning coffee or a drink with a friend outdoors on the balcony off of the family room. Dual master bedrooms with en-suite and large walk-in closets, one upstairs and one downstairs, is great for privacy! Two car garage is an added bonus. All this in the beautiful community of Via De Cielo, which features plenty of green space, two community pools, and several playgrounds! Ideal location nestled near the 101 & 202 freeway interchange, this home is close to the Chandler Fashion Center.
” Please call The Gina Mckinley Group at 480-355-8645 in order to schedule an appointment to view this home.”
“For more pictures and a property brochure, please visit our webpage at http://www.locatearizonahomes.com/listing-detail/128110844/900_South_94th_Street_-1196-Chandler-AZ
At this time of year I like to give an update on the state of the real estate market. The media has been stating that there may be a bubble, however, the current market is in a very different state today than back in 2004-2005 which lead to the crash in 2007. Here are the current facts for our local market:
The Phoenix job market no longer just depends on construction and tourism, and is more diverse with increases in healthcare, tech, engineering, and finance. The jobless rate is low at 3.4% for the metro area, and the average annual earnings are $66,000 now vs. $39,000 in 2007. Another difference is in new construction. Housing starts are down 4.2%, meaning that the builders are building homes for owner occupancy, not over building for speculation. Rental rates have jumped and now average $1,495 a month. Phoenix metro is growing with inbound relocation, most coming from southern California.
More Highlights for 2018;
- New home prices increased 24%
- Resale home appreciation 8.2% – metro Phoenix
- Resale home appreciation 7.1% – Chandler
- Average price per square foot $168 – Chandler
- Median sales price $383,000 – Chandler
The 2019 predictions are that we are still in a Seller’s Market. However, that market segment is slowing, so expect longer days on market and lower appreciation rates this year. Of course, the most sales will take place between now and April, so now is the time to consider listing your home in order to sell at the highest price as well as make a purchase with the largest amount of homes to choose from.
The only constant in real estate is change as they say. The market ebbs and flows, so if you are thinking about making a move in 2019, I would love the opportunity to work with you for buying, selling, or investing. Our team is here to serve you for all of you real estate needs, call us today at 480-355-8645.