How is Your Market Changing? (October)

Market Update october

In the past month the Phoenix Metro Area real estate market has still been, as a whole, very stable. Some cities average price per square foot saw very slight drops (Chandler, Gilbert,and Glendale) while some saw slight increases (Avondale, Mesa, Peoria, Phoenix, and Tempe). The biggest change again this month has been in Scottsdale who is not only down from last month, but on average down 6.4% from last year. All other cities are seeing average increases in value of 5.9%-13% from last year.

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 $98.47 per square foot. This is up from $94.81 last month, and is up an average of 13% from October 2014. The number of active listings is on the rise from last month, but still down about 20% from last year. This means that it’s still currently a sellers market as listings are still down from last year, but if more listings continue to come on the market it could easily swing in the buyer’s favor. Properties are selling quicker with the average days on market at 51 days, which is 2 days less than last month (53 days)! Listing success rates are down slightly this month at 83.9% compared to 84.2% last month. The average sales price is $193,304 with an average size of sold listings being 1,963 square feet.

Chandler

In Chandler this month’s average sales price is at $139.71 per square foot. While this is down just cents from $139.97 last month, it is up an average of 6% from October 2014. The number of active listings is on the rise from last month, but still down about 4% from last year. This means that it’s still currently a sellers market as listings are still down from last year, but if more listings continue to come on the market it could easily swing in the buyer’s favor. Properties are selling slightly slower than last month with the average days on market at 66 days, which is 5 days more than last month (61 days). Listing success rates are down slightly this month at 76.7% compared to 81% last month. The average sales price is $302,054 with an average size of sold listings being 2,162 square feet.

Gilbert

In Gilbert this month’s average sales price is at $131.59 per square foot. This is down just slightly from last month’s average of $132.30 per square foot, but up an average of 5.9% from October 2014.The number of active listings is down 3% from last month and 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 slightly slower with the average days on market at 65 days, which is 5 days longer then last month(60 days). Listing success rates are down this month at 76.8% compared to 83.6% last month. The average sales price is $299,230 with an average size of sold listings being 2,274 square feet.

Glendale

In Glendale this month’s average sales price is at $117.60 per square foot. This is down slightly from last month’s average of $119.82, but up an average of 7.8% from October 2014. The number of active listings is slightly on the rise from last month, but down 23% from last year. This means that it’s still currently a sellers market as listings are still down from last year, but if more listings continue to come on the market it could easily swing in the buyer’s favor. Properties are selling quicker with the average days on market at 50 days, which is 5 days less than last month (55 days)! Listing success rates are up just slightly this month at 80.9% compared to 80.1% last month, but up from last years success rate at this time of 73.6%.  The average sales price is $223,116 with an average size of sold listings being 1,906 square feet.

Mesa

In Mesa this month’s average sales price is at $125.38 per square foot. This is up from $123 last month, and is up an average of 9.2% from October 2014. The number of active listings is on the rise from last month, but still down about 11% from last year. This means that it’s still currently a sellers market as listings are still down from last year, but if more listings continue to come on the market it could easily swing in the buyer’s favor. Properties are selling quicker than last month with the average days on market at 63 days, which is 1 days shorter than just last month (64 days). Listing success rates are up this month at 79.2% compared to 77.6% last month. The average sales price is $242,232 with an average size of sold listings being 1,932 square feet.

Peoria

In Peoria this month’s average sales price is at $127.33 per square foot. This is up from last month’s average of $124.64, and up an average of 12.1% from October 2014. The number of active listings is on the rise from last month, but still down about 21% from last year. This means that it’s still currently a sellers market as listings are still down from last year, but if more listings continue to come on the market it could easily swing in the buyer’s favor. Properties are selling slightly slower with the average days on market at 66 days, which is 2 days more than last month (64 days). Listing success rates are down this month at 75.7% compared to 76.7% last month, but up from last years success rate at this time of 71.3%. The average sales price is $267,519 with an average size of sold listings being 2,101 square feet.

Phoenix

In Phoenix this month’s average sales price is at $140.53 per square foot. This is up just cents per square foot from last month’s average of $140.08, and up an average of 8% from October 2014.  The number of active listings is on the rise from last month, but still down about 12% from last year. This means that it’s still currently a sellers market as listings are still down from last year, but if more listings continue to come on the market it could easily swing in the buyer’s favor. Properties are selling slightly quicker with the average days on market at 60 days, which is 3 days less than last month (63 days). Listing success rates are up slightly this month at 77.7% compared to 77.3% last month. The average sales price is $260,402 with an average size of sold listings being 1,853 square feet.

Scottsdale

In Scottsdale this month’s average sales price dropped again to $214.21 per square foot. This is down from last month’s average of $219.42, and also down 6.4% from October 2014. The number of active listings is on the rise from last month, and last year. There are 6% more homes on the market this month compared to last. Properties are selling quicker than last month with the average days on market at 105 days, which is 5 day less than last month (110 days). Listing success rates are up this month at 64.4% compared to 76% last month but up from 60.4% last year. The average sales price is $568,720 with an average size of sold listings being 2,655 square feet.

Tempe

In Tempe this month’s average sales price is at $148.81 per square foot. This is up from last month’s average of $147.17, and up an average of 9.1% from October 2014. The number of active listings is down 10% 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 2 day less than last month (56 days). Listing success rates are down this month at 75.2% compared to 78% last month. The average sales price is $274,996 with an average size of sold listing being 1,848 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 October 1st, 2015 Cromford Report.

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