How’s Your Market Changing? (January)

Now that the holiday season is over we’re about to see a parade of new buyers and sellers come on the market alike. If you’re a seller it’s a great time with many buyers on the look for their new home, and if your a buyer it’s a great time with rates still remaining low (especially compared to historical rates!). In other good news, all major cities in the Phoenix Metro area have appreciated. 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 $99.71 per square foot. This is up from $95.51 last month, and is up an average of 11% from this time last year. The number of active listings is down from last month, and  down almost 30% from last year, which is good news for Avondale sellers. For buyers though this means less properties on the market and possible competition from other buyers, with it being the new year though this can change at any moment as new listings come on. Properties are selling slightly slower with the average days on market at 55 days, which is 1 day more than last month (54 days). Listing success rates dropped a bit this month and are at 84.9% compared to 90.4% last month. The average sales price is $193,039 with an average size of sold listings being 1,936 square feet.

Chandler

In Chandler this month’s average sales price is at $140.77 per square foot. This is up slightly from $140.46 last month, and is up an average of 6.8% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year.  Properties are selling  slower than last month with the average days on market at 73 days, which is 7 days more than last month (66 days). Listing success rates are up this month at 81.2% compared to 68.3% last month. The average sales price is $303,639 with an average size of sold listings being 2,157 square feet.

Gilbert

In Gilbert this month’s average sales price is at $135.25 per square foot. This is up from $134.16 last month, and is up an average of 7.6% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling slower with the average days on market at 71 days, which is 9 days slower than last month (62 days). Listing success rates are up drastically this month at 81.2% compared to 69.4% last month. The average sales price is $306,252 with an average size of sold listings being 2,266 square feet.

Glendale

In Glendale this month’s average sales price is at $114.16 per square foot. This is down slightly from $115.75 last month, but is up an average of 4.4% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling quicker with the average days on market at 54 days, which is 5 days quicker then last month (59 days). Listing success rates are down slightly this month at 82.1% compared to 82.4% last month.  The average sales price is $221,935 with an average size of sold listings being 1,944 square feet.

Mesa

In Mesa this month’s average sales price is at $125.71 per square foot. This is down slightly from $126.17 last month, but is up an average of 7.8% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling slower than last month with the average days on market at 71 days, which is 6 days longer than last month (65 days). Listing success rates are up again this month at 81% compared to 78.2% last month. The average sales price is $245,760 with an average size of sold listings being 1,955 square feet.

Peoria

In Peoria this month’s average sales price is at $131.11 per square foot. This is up from last month’s average of $127.53, and up an average of 6.4% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling slower with the average days on market at 74 days, which is 5 day more than last month (69 days). Listing success rates are up again this month at 84.4% compared to 74.7% last month. The average sales price is $279,394 with an average size of sold listings being 2,131 square feet.

Phoenix

In Phoenix this month’s average sales price is at $143.17 per square foot. This is up from $141.25 last month, and is up an average of 7% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling slower with the average days on market at 69 days, which is 5 days more than last month (64 days). Listing success rates are up this month at 78.5% compared to 71.2% last month. The average sales price is $266,448 with an average size of sold listings being 1,861 square feet.

Scottsdale

In Scottsdale this month’s average sales price continues to make a comeback this month to $249.06 per square foot. This is up from $239.18 last month, and is up 5.4% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling at the same speed with the average days on market at 116 days, which is the same as last month. Listing success rates are up this month at 70.8% compared to 65.6%. The average sales price is $680,681 with an average size of sold listings being 2,733 square feet.

Tempe

In Tempe this month’s average sales price is at $146.39 per square foot. This down from last month’s average of $152.58, but up an average of 2.9% from this time last year. The number of active listings is down again from last month which is good news for sellers as there is less competition on the market, but this could be changing any day now with new listings popping on in the new year. Properties are selling noticeably slower with the average days on market at 78 days, which is 24 day more than last month (54 days). Listing success rates this month are up this month at 73.7% compared to 68.4% last month. The average sales price is $285,756 with an average size of sold listing being 1,952 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 January 3rd, 2016 Cromford Report.

About Rachell

 

Rachell Pintor | Licensed Realtor with Twins & Co. Realty | Mobile: (602) 574-3438 | Email:  Rachell@TwinsandCompany.com

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