How’s Your Market Changing? (December)

Market Update december

The biggest market news this month is that Scottsdale rallied and finally made a comeback jumping up $24 per square foot. Below are some market updates for different cities in the Valley to keep you in the loop on how YOUR property values are changing:

Avondale

In Avondale this month’s average sales price is at $95.51 per square foot. This is down from $100.45 last month, but is up an average of 5.2% from December 2014. The number of active listings is up slightly from last month, but still down almost 24% from last year, which means it’s still technically a sellers market but as more listings come on the market it inches closer to the buyer’s benefit. Properties are selling quicker with the average days on market at 54 days, which is 6 days less than last month (60 days). Listing success rates jumped up dramatically this month and are at 90.4% compared to 78.8% last month. The average sales price is $196,369 with an average size of sold listings being 2,056 square feet.

Chandler

In Chandler this month’s average sales price is at $140.46 per square foot. This is down slightly from $141.09 last month, but is up an average of 5.8% from December 2014. The number of active listings is down from last month which is good news for sellers as there is less competition on the market.  Properties are selling slightly slower than last month 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 68.3% compared to 72.5% last month. The average sales price is $292,724 with an average size of sold listings being 2,084 square feet.

Gilbert

In Gilbert this month’s average sales price is at $134.16 per square foot. This is up from $132.67 last month, and is up an average of 8.1% from December 2014. The number of active listings is down from last month which is good news for sellers as there is less competition on the market. Properties are selling quicker with the average days on market at 62 days, which is 5 days quicker then last month (67 days). Listing success rates are down this month at 69.4% compared to 75.8% last month. The average sales price is $298,366 with an average size of sold listings being 2,224 square feet.

Glendale

In Glendale this month’s average sales price is at $115.75 per square foot. This is down from $121.62 last month, but is up an average of 6.3% from December 2014. The number of active listings is up slightly from last month, but still down almost 14% from last year, which means it’s still technically a sellers market but as more listings come on the market it inches closer to the buyer’s benefit. Properties are selling at the same speed with the average days on market at 59 days, which is the same as last month’s average. Listing success rates are up this month at 82.4% compared to 79.6% last month.  The average sales price is $219,231 with an average size of sold listings being 1,894 square feet.

Mesa

In Mesa this month’s average sales price is at $126.17 per square foot. This is up from $124.96 last month, and is up an average of 7% from December 2014. The number of active listings is up slightly from last month, but still down about 4% from last year, which means it’s still technically a sellers market but as more listings come on the market it inches closer to the buyer’s benefit. Properties are selling slower than last month with the average days on market at 65 days, which is 6 days longer than last month (59 days). Listing success rates are up slightly this month at 78.2% compared to 77.5% last month. The average sales price is $247,806 with an average size of sold listings being 1,964 square feet.

Peoria

In Peoria this month’s average sales price is at $127.53 per square foot. This is down from last month’s average of $132, but up an average of 11% from December 2014. The number of active listings is up slightly from last month, but still down about 21% from last year, which means it’s still technically a sellers market but as more listings come on the market it inches closer to the buyer’s benefit. Properties are selling slightly quicker with the average days on market at 69 days, which is 1 day less than last month (70 days). Listing success rates are up this month at 74.7% compared to 72% last month. The average sales price is $277,114 with an average size of sold listings being 2,173 square feet.

Phoenix

In Phoenix this month’s average sales price is at $141.25 per square foot. This is up cents from $141.08 last month, and is up an average of 6.8% from December 2014.The number of active listings is down from last month which is good news for sellers as there is less competition on the market. Properties are selling slightly quicker with the average days on market at 64 days, which is 1 days less than last month (65 days). Listing success rates are down this month at 71.2% compared to 74.6% last month. The average sales price is $264,001 with an average size of sold listings being 1,869 square feet.

Scottsdale

In Scottsdale this month’s average sales price finally made a comeback this month to $239.18 per square foot. This is up slightly from $215.77 last month, and is up 7.1% from December 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 116 days, which is 11 days less than last month (127 days). Listing success rates are down this month at 65.6% compared to 67.6%. The average sales price is $673,764 with an average size of sold listings being 2,817 square feet.

Tempe

In Tempe this month’s average sales price is at $152.58 per square foot. This up from last month’s average of $148.79, and up an average of 7.6% from December 2014. The number of active listings is down from last month which is good news for sellers as there is less competition on the market. Properties are selling slower with the average days on market at 56 days, which is 4 day more than last month (52 days). Listing success rates this month took a big hit and are currently  at 68.4% compared to 81.3% last month. The average sales price is $294,019 with an average size of sold listing being 1,927 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 December 7th, 2015 Cromford Report.

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