How is Your Market Changing? (August)

August Market UpdateWould you put money into the stock market and not track your investment? Probably not! For many of us our home is our number one investment/asset, yet we don’t track the value of our homes like we would other investments( Zillow “Zestimates” don’t count!). Even if you’re not planning to sell, it’s important to know how the current real estate market is effecting your property values. It’s also important to remember that the real estate market is cyclical and that values will go up and down. By knowing the current market conditions you can better plan when to buy or sell to get the most for your money!

Below are some market updates for different cities in the Valley to keep you in the loop on how property values are changing:

Avondale

In Avondale this month’s average sales price is at $96.19 per square foot. This is up an average of 7.4% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling quicker with the average days on market at 50 days, which is 14 days less than last month (64 days)! Listing success rates are up this month at 89.2% compared to 81.9% last month. The average sales price is $184,500 with an average size of 1,918 square feet.

Chandler

In Chandler this month’s average sales price is at $141.32 per square foot. This is up an average of 4.9% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling quicker with the average days on market at 58 days, which is 9 days less than just last month (67 days)! Listing success rates are down slightly this month at 81.5% compared to 85.4% last month, but up from last years success rate of 70.6%. The average sales price is $316,275 with an average size of 2,238 square feet.

Gilbert

In Gilbert this month’s average sales price is at $129.75 per square foot. This is up an average of 3.6% from August 2014.The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling slightly quicker with the average days on market at 63 days, which is 1 days less than last month (64 days) and 15 days less than spring (April 78 days) this year! Listing success rates are up this month at 90% compared to 82% last month. The average sales price is $301,935 with an average size of 2,327 square feet.

Glendale

In Glendale this month’s average sales price is at $114.59 per square foot. This is up an average of 6.3% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling slightly quicker with the average days on market at 54 days, which is 1 days less than last month (55 days) and 20 days less than spring (April 74 days) this year! Listing success rates are about the same this month at 82.2% compared to 82.9% last month, but up from last years success rate of 74.1%.  The average sales price is $220,009 with an average size of 1,920 square feet.

Mesa

In Mesa this month’s average sales price is at $123.65 per square foot. This is up an average of 7% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling just slightly slower than last month with the average days on market at 64 days, which is 1 day longer than last month (63 days) but 9 days less than spring (April 75 days) this year. Listing success rates are down slightly this month at 77.8% compared to 82.7% last month, but up from last years success rate of 72.9%. The average sales price is $244,464 with an average size of 1,977 square feet.

Peoria

In Peoria this month’s average sales price is at $120.14 per square foot. This is up an average of 2% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling much quicker with the average days on market at 66 days, which is 17 days less than last month (83 days) and 24 days less than spring (April 90 days) this year! Listing success rates are down this month at 80.5% compared to 87.9% last month, but up from last years success rate of 70.4%. The average sales price is $270,317 with an average size of 2,250 square feet.

Phoenix

In Phoenix this month’s average sales price is at $138.74 per square foot. This is up an average of 5.9% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling slightly quicker with the average days on market at 67 days, which is 3 days less than last month (70 days) and 7 days less than spring (April 74 days) this year! Listing success rates are up this month at 80.8% compared to 78.3% last month. The average sales price is $261,665 with an average size of 1,886 square feet.

Scottsdale

In Scottsdale this month’s average sales price is at $232.39 per square foot. This is up an average of 7.7% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition of other buyers and possible multiple offer situations could arise. Properties are selling just slightly slower than last month with the average days on market at 117 days, which is 3 day longer than last month (114 days). Listing success rates are up this month at 66.6% compared to 63.3% last month and 58.8% last year. The average sales price is $676,493 with an average size of 2,911 square feet.

Tempe

In Tempe this month’s average sales price is at $147.77 per square foot. This is up an average of 5.2% from August 2014. The number of active listings is down from last year, which means it would be a good time to sell with less competition from other active listings. If you’re a buyer though, properties could be a little harder to find with more competition from other buyers and possible multiple offer situations could arise. Properties are selling slightly quicker with the average days on market at 57 days, which is 5 days less than last month (62 days) and 9 days less than spring (April 66 days) this year! Listing success rates are down slightly this month at 86.8% compared to 87.2% last month, but up from last years success rate of 76.9%.  The average sales price is $290,820 with an average size of 1,968 square feet.

In Review

Above are just the “average” statistics for each city, not specifics of any property or zip code. If your city is not included in my market update, let me know and I’ll be sure to send you your update and add your city in future posts! I’ll be doing a monthly market update, so make sure to check back in to see how your property values are changing or when a good time to buy or sell would be. If you would like more specific information on the value of your home, I’m happy to set up a consultation to go over a comparative market analysis specific to your property. You can email me at Rachell@TwinsAndCompany.com or call at 602.574.3438 for more info!

(The above statistics are from the most recent Cromford Report market snapshots)

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