How’s Your Market Changing? (November)

november market update

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 $100.45 per square foot. This is up from $98.47 last month, and is up an average of 13.2% from November 2014. The number of active listings is down from last month, as well as down almost 32% 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 60 days, which is 9 days more than last month (51 days). Listing success rates are down slightly this month at 78.8% compared to 83.9% last month. The average sales price is $193,669 with an average size of sold listings being 1,928 square feet.

Chandler

In Chandler this month’s average sales price is at $141.09 per square foot. This is up from $139.71 last month, and is up an average of 2.6% from November 2014. The number of active listings is on the rise from last month, as well as last year. This means that the market is swinging towards the buyer’s favor and buyer’s will most likely be asking for more seller concessions without as much buyer competition on each property. Properties are selling quicker than last month with the average days on market at 61 days, which is 5 days less than last month (66 days). Listing success rates are down slightly this month at 72.5% compared to 76.7% last month. The average sales price is $296,844 with an average size of sold listings being 2,104 square feet.

Gilbert

In Gilbert this month’s average sales price is at $132.67 per square foot. This is up from $131.59 last month, and is up an average of 7.2% from November 2014.The number of active listings is up from last month, but down 13% 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 67 days, which is 2 days longer then last month (65 days). Listing success rates are down slightly this month at 75.8% compared to 76.8% last month. The average sales price is $298,909 with an average size of sold listings being 2,253 square feet.

Glendale

In Glendale this month’s average sales price is at $121.62 per square foot. This is up from $117.60 last month, and is up an average of 13.2% from November 2014. The number of active listings down from last month and also 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 slower with the average days on market at 59 days, which is 9 days more than last month (50 days). Listing success rates stayed steady this month at 80%.  The average sales price is $231,328 with an average size of sold listings being 1,902 square feet.

Mesa

In Mesa this month’s average sales price is at $124.96 per square foot. This is down just cents from $125.38 last month, but is up an average of 4.1% from November 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 quicker than last month with the average days on market at 59 days, which is 4 days shorter than just last month (63 days). Listing success rates are down this month at 77.5% compared to 79.2% last month. The average sales price is $240,931 with an average size of sold listings being 1,928 square feet.

Peoria

In Peoria this month’s average sales price is at $132 per square foot. This is up from last month’s average of $127.33, and up an average of 11.2% from November 2014. The number of active listings is down this month as well as almost 22% 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 slower with the average days on market at 70 days, which is 4 days more than last month (66 days). Listing success rates are down this month at 72% compared to 75.7% last month, but up from last years success rate at this time of 67.8%. The average sales price is $293,578 with an average size of sold listings being 2,224 square feet.

Phoenix

In Phoenix this month’s average sales price is at $141.08 per square foot. This is up from $140.53 last month, and is up an average of 6.2% from November 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 slower with the average days on market at 65 days, which is 5 days more than last month (60 days). Listing success rates are down this month at 74.6% compared to 77.7% last month. The average sales price is $263,821 with an average size of sold listings being 1,870 square feet.

Scottsdale

In Scottsdale this month’s average sales price dropped again to $215.77 per square foot. This is up slightly from $214.21 last month, but is still down 1.9% from November 2014. The number of active listings is on the rise from last month, as well as last year. This means that the market is swinging towards the buyer’s favor and buyer’s will most likely be asking for more seller concessions without as much buyer competition on each property. Properties are selling slower than last month with the average days on market at 127 days, which is 22 day more than last month (105 days). Listing success rates are up this month at 67.6% compared to 64.4%. The average sales price is $593,804 with an average size of sold listings being 2,752 square feet.

Tempe

In Tempe this month’s average sales price is at $148.79 per square foot. This down just cents from last month’s average of $148.81, but up an average of 10.3% from November 2014. The number of active listings is up from last month, but down 5% 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 52 days, which is 2 day less than last month (54 days). Listing success rates are up this month at 81.3% compared to 75.2% last month. The average sales price is $272,733 with an average size of sold listing being 1,833 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 29th, 2015 Cromford Report.

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