How is Your Market Changing? (September)

Market Update September 2

In the past month the Phoenix Metro Area real estate market has been, as a whole, very stable. Some cities average price per square foot stayed exactly the same as last month (Mesa and Tempe), some saw very slight drops (Avondale and Chandler), and some saw slight increases (Gilbert, Glendale, Peoria, and Phoenix). Scottsdale is the city that had the most significant change with a 6% average price per square foot decrease from August to September.

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 $94.81 per square foot. While this is down slightly from $96.19 last month, it is still up an average of 7.7% from September 2014. The number of active listings is down almost 30% 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 53 days, which is 4 days less than last month (57 days)! Listing success rates are down slightly this month at 84.2% compared to 89.2% last month. The average sales price is $196,439 with an average size of sold listings being 2,072 square feet.

Chandler

In Chandler this month’s average sales price is at $139.97 per square foot. While this is down slightly from $141.32 last month, it is up an average of 5.3% from September 2014. The number of active listings is down 9% 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 slower than last month with the average days on market at 61 days, which is 3 days more than last month (58 days). Listing success rates are the same this month as last at 81%, but up from last years success rate of 69.1%. The average sales price is $298,724 with an average size of sold listings being 2,131 square feet.

Gilbert

In Gilbert this month’s average sales price is at $132.30 per square foot. This is up from last month’s average of $129.75 per square foot, and up an average of 3.5% from September 2014.The number of active listings is down 11% 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 60 days, which is 16 days less than last year at this time (63 days)! Listing success rates are down this month at 83.6% compared to 88% last month. The average sales price is $289,078 with an average size of sold listings being 2,185 square feet.

Glendale

In Glendale this month’s average sales price is at $119.82 per square foot. This is up from last month’s average of $114.59, and up an average of 14% from September 2014. The number of active listings is down 20% 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 slower with the average days on market at 55 days, which is 1 day more than last month (54 days) but still 13 days quicker than this time last year! Listing success rates are just slightly lower this month at 80.1% compared to 82.2% last month, but up from last years success rate at this time of 75.6%.  The average sales price is $232,088 with an average size of sold listings being 1,937 square feet.

Mesa

In Mesa this month’s average sales price is at $123 per square foot, which is essentially the same as the August average of $123.65. This is up an average of 6.1% from September 2014. The number of active listings is down 14% 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 than last month with the average days on market at 60 days, which is 4 days shorter than just last month (64 days) and 13 days less than spring (May 7 days) this year! Listing success rates are up this month at 77.6% compared to 76.3% last month, but up from last years success rate at this time of 74.2%. The average sales price is $240,720 with an average size of sold listings being 1,957 square feet.

Peoria

In Peoria this month’s average sales price is at $124.64 per square foot. This is up from last month’s average of $120.14, and up an average of 5.3% from September 2014. The number of active listings is down 21% 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 64 days, which is 2 days less than last month (66 days) and 23 days less than spring (May 87 days) this year! Listing success rates are down this month at 76.7% compared to 80.4% last month, but up from last years success rate at this time of 72.8%. The average sales price is $270,341 with an average size of sold listings being 2,169 square feet.

Phoenix

In Phoenix this month’s average sales price is at $140.08 per square foot. This is up from last month’s average of $138.74, and up an average of 6.8% from August 2014. The number of active listings is down 18% 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 4 days less than last month (67 days). Listing success rates are down slightly this month at 77.3% compared to 80.8% last month. The average sales price is $265,878 with an average size of sold listings being 1,898 square feet.

Scottsdale

In Scottsdale this month’s average sales price is at $219.42 per square foot. While this is down from $232.39 average per square foot in August, it is up an average of 2.9% from September 2014. The number of active listings is down 5% 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 than last month with the average days on market at 110 days, which is 7 day shorter than last month (117 days). Listing success rates are down slightly this month at 64.4% compared to 66.6% last month but up from 60.4% last year. The average sales price is $596,168 with an average size of sold listings being 2,717 square feet.

Tempe

In Tempe this month’s average sales price is at $147.17 per square foot, which is essentially the same as the August average of $147.77. This is up an average of 4.4% from August 2014. The number of active listings is down 13% 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 56 days, which is 1 day less than last month (57 days). Listing success rates are down this month at 78% compared to 86.8% last month, but up slightly from last years success rate of 75%.  The average sales price is $285,512 with an average size of sold listing being 1,940 square feet.

Remember

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/text at 602.574.3438 for more info!

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

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