How’s Your Market Changing? (April)

Spring is still in full swing and creating more properties on the market as well as more sales! This month the market looks particularly good in the south east valley in Chandler, Gilbert, and Mesa. Even though these cities have more active listings on the market, they are still increasing in average price per square foot, have higher listing success rates, and on average less days on market, all wonderful news for sellers!

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 $97.78 per square foot. This is down slightly from last month but is up an average of 7.7% from this time last year. The number of active listings is up again 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. More inventory on the market could also be affecting days on market with the average days on market at 71 days compared to 59 last month. Listing success rates dropped a bit this month and are at 79.8% compared to 80.4% last month (this could also be because there are more listings active on the market!). The average sales price is $198,112 with an average size of sold listings being 2,026 square feet.

Chandler

In Chandler this month’s average sales price is at $147.34 per square foot. This is up yet again, and is up an average of 6.3% 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 73 days compared to 76 last month. Listing success rates are up this month at 82.6% compared to 76.3% last month. The average sales price is $317,813 with an average size of sold listings being 2,157 square feet. Overall Chandler’s market is looking VERY strong right now.

Gilbert

In Gilbert this month’s average sales price is at $135.04 per square foot. This is up from last month, 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 slightly faster with the average days on market at 76 days compared to 78 last month. Listing success rates are up this month at 83.2% compared to 80.1% last month which is good news for sellers. The average sales price is $303,986 with an average size of sold listings being 2,251 square feet. Overall Gilbert’s market is looking VERY strong right now.

Glendale

In Glendale this month’s average sales price is at $119.70 per square foot. This is down just cents from last month, and is up an average of 10.5% from this time last year. The number of active listings are down from last month which is good for sellers as there is less competition on the market. Properties are selling quicker with the average days on market at 59 days compared to 65 last month. Listing success rates are up this month at 81.3% compared to 79.9% last month.  The average sales price is $225,994 with an average size of sold listings being 1,888 square feet.

Mesa

In Mesa this month’s average sales price is at $129.79 per square foot. This is up again this month, and is up an average of 4.1% 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 quicker with the average days on market at 69 days compared to 76 last month. Listing success rates are up this month at 82.3% compared to 80.7% last month. The average sales price is $245,555 with an average size of sold listings being 1,892 square feet. Overall Mesa’s market is looking VERY strong right now.

Peoria

In Peoria this month’s average sales price is at $128.89 per square foot. This is up from last month, and 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! Properties are selling at the same pace with the average days on market at 76 days which is the same as last month. Listing success rates are up significantly this month at 80.1% compared to 71.3% last month which is good news for sellers. The average sales price is $273,239 with an average size of sold listings being 2,120 square feet.

Phoenix

In Phoenix this month’s average sales price is at $145.39 per square foot. This is down slightly from last month, but is up an average of 8.5% from this time last year. The number of active listings is up again from last month, which is what could have caused the slight drop in price per square foot. Properties are selling at the same pace with the average days on market at 72 days which is the same as last month. Listing success rates are up slightly this month at 78.4% compared to 78% last month. The average sales price is $272,022 with an average size of sold listings being 1,871 square feet.

Scottsdale

In Scottsdale this month’s average sales price is at $227.42 per square foot. This is down consistantly since December 2015, but is up 0.4% from this time last year. 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 looking 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 quicker this month with the average days on market at 105 days compared to 124 days last month. Listing success rates are up this month at 70.2% compared to 67.7%. The average sales price is $624,729 with an average size of sold listings being 2,747 square feet.

Tempe

In Tempe this month’s average sales price is at $152.62 per square foot. This up from last month, and also up an average of 5.5% from this time last year. The number of active listings is down from last month which is good for sellers as there is less competition. Properties are selling quicker with the average days on market at 66 days compared to 73 last month. Listing success rates this month are up this month at 88.1% compared to 79.8% last month. The average sales price is $295,777 with an average size of sold listing being 1,938 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 April 7th, 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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