How’s Your Market Changing? (March)

Spring has sprung and the market is booming! 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!). 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 $98.58 per square foot. This is down slightly from January but up from February, and is up an average of 8.7% from this time last year. The number of active listings is up from last month, which is what could have caused the slight drop in price per square foot. More houses for sale equals more competition with other listings. The good new for sellers though is that properties are selling quicker with the average days on market at 59 days compared to 62 last month and there are plenty of new buyers coming on the market. Listing success rates dropped a bit this month and are at 80.4% compared to 85.2% last month (this could also be because there are more listings active on the market!). The average sales price is $187,789 with an average size of sold listings being 1,905 square feet.

Chandler

In Chandler this month’s average sales price is at $144.31 per square foot. This is up from both January and February, and is up an average of 6.5% from this time last year. The number of active listings is up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still increasing is great news for sellers!  Properties are selling quicker with the average days on market at 76 days compared to 84 last month. Listing success rates are down slightly this month at 76.3% compared to 78.7% last month (most likely because there are more listings on the market!). The average sales price is $312,133 with an average size of sold listings being 2,163 square feet.

Gilbert

In Gilbert this month’s average sales price is at $132.50 per square foot. This has stayed steady within cents each month so far in 2016, and is up an average of 5% from this time last year. The number of active listings is up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still staying steady is great news for sellers! Properties are selling slower with the average days on market at 78 days compared to 72 last month (most likely because there are more listings on the market!) Listing success rates are up this month at 80.1% compared to 75.8% last month which is good news for sellers. The average sales price is $292,434 with an average size of sold listings being 2,207 square feet.

Glendale

In Glendale this month’s average sales price is at $119.94 per square foot. This is up from January and February 2016 so far, and is up an average of 10.6% from this time last year. The number of active listings are up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still increasing is great news for sellers! Properties are selling slightly slower with the average days on market at 65 days compared to 61 last month (most likely because there are more active listings on the market). Listing success rates are up this month at 79.9% compared to 73.6% last month.  The average sales price is $222,247 with an average size of sold listings being 1,853 square feet.

Mesa

In Mesa this month’s average sales price is at $126.86 per square foot. This is up from January and February 2016 so far, and is up an average of 3.9% from this time last year. The number of active listings are up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still increasing is great news for sellers! The average days on market is 76 which is exactly the same as last month. Listing success rates are up this month at 80.7% compared to 76.4% last month. The average sales price is $248.772 with an average size of sold listings being 1,961 square feet.

Peoria

In Peoria this month’s average sales price is at $126.49 per square foot. This is up from February but still down slightly from January, and up an average of 3.7% from this time last year. The number of active listings are up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still increasing is great news for sellers! Properties are selling slower with the average days on market at 76 days compared to 73 days last month (most likely because there are more active listings on the market). Listing success rates are up again this month at 71.3% compared to 68.7% last month which is good news for sellers. The average sales price is $273,607 with an average size of sold listings being 2,163 square feet.

Phoenix

In Phoenix this month’s average sales price is at $146.10 per square foot. This is up from January and February 2016 so far, and is up an average of 8% from this time last year. Properties are selling slower with the average days on market at 81 days, compared to 72 days last month (most likely because there are more active listings on the market). Listing success rates are up this month at 78% compared to 74.4% last month. The average sales price is $273,574 with an average size of sold listings being 1,872 square feet.

Scottsdale

In Scottsdale this month’s average sales price is at $232.91 per square foot. This is down constantly since December 2015, and is also down – 0.7% from this time last year (the only AZ city with negative appreciation right now). One thing with Scottsdale to keep in mind is that they offer a diverse range of property types and prices and not all areas are down. So when looing to buy or sell it’s very important to look at the specific zip code to get accurate information. The number of active listings are up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still decreasing could be potential bad news for sellers. Properties are selling slightly slower this month with the average days on market at 124days compared to 121 days last month (most likely due to more active listings on the market). Listing success rates are up this month at 67.7% compared to 64%. The average sales price is $656,580 with an average size of sold listings being 2,819 square feet.

Tempe

In Tempe this month’s average sales price is at $151.30 per square foot. This up from last month, and also up an average of 9.8% from this time last year. The number of active listings are up from last month which is good for buyers as there are more choices, but the fact that there are more listings and price per square foot is still increasing is great news for sellers! Properties are selling  slower with the average days on market at 73 days compared to 65 last month (most likely because there are more active listings on the market). Listing success rates this month are down slightly this month at 79.8% compared to 82.2% last month. The average sales price is $287.616 with an average size of sold listing being 1,901 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 March 10th, 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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