How is Your Market Changing? (September)

Market Update September 2

In the past month the Phoenix Metro Area real estate market has been, as a whole, very stable. Some cities average price per square foot stayed exactly the same as last month (Mesa and Tempe), some saw very slight drops (Avondale and Chandler), and some saw slight increases (Gilbert, Glendale, Peoria, and Phoenix). Scottsdale is the city that had the most significant change with a 6% average price per square foot decrease from August to September.

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 $94.81 per square foot. While this is down slightly from $96.19 last month, it is still up an average of 7.7% from September 2014. The number of active listings is down almost 30% 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 quicker with the average days on market at 53 days, which is 4 days less than last month (57 days)! Listing success rates are down slightly this month at 84.2% compared to 89.2% last month. The average sales price is $196,439 with an average size of sold listings being 2,072 square feet.

Chandler

In Chandler this month’s average sales price is at $139.97 per square foot. While this is down slightly from $141.32 last month, it is up an average of 5.3% from September 2014. The number of active listings is down 9% 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 than last month with the average days on market at 61 days, which is 3 days more than last month (58 days). Listing success rates are the same this month as last at 81%, but up from last years success rate of 69.1%. The average sales price is $298,724 with an average size of sold listings being 2,131 square feet.

Gilbert

In Gilbert this month’s average sales price is at $132.30 per square foot. This is up from last month’s average of $129.75 per square foot, and up an average of 3.5% from September 2014.The number of active listings is down 11% 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 quicker with the average days on market at 60 days, which is 16 days less than last year at this time (63 days)! Listing success rates are down this month at 83.6% compared to 88% last month. The average sales price is $289,078 with an average size of sold listings being 2,185 square feet.

Glendale

In Glendale this month’s average sales price is at $119.82 per square foot. This is up from last month’s average of $114.59, and up an average of 14% from September 2014. The number of active listings is 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 slightly slower with the average days on market at 55 days, which is 1 day more than last month (54 days) but still 13 days quicker than this time last year! Listing success rates are just slightly lower this month at 80.1% compared to 82.2% last month, but up from last years success rate at this time of 75.6%.  The average sales price is $232,088 with an average size of sold listings being 1,937 square feet.

Mesa

In Mesa this month’s average sales price is at $123 per square foot, which is essentially the same as the August average of $123.65. This is up an average of 6.1% from September 2014. The number of active listings is down 14% 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 quicker than last month with the average days on market at 60 days, which is 4 days shorter than just last month (64 days) and 13 days less than spring (May 7 days) this year! Listing success rates are up this month at 77.6% compared to 76.3% last month, but up from last years success rate at this time of 74.2%. The average sales price is $240,720 with an average size of sold listings being 1,957 square feet.

Peoria

In Peoria this month’s average sales price is at $124.64 per square foot. This is up from last month’s average of $120.14, and up an average of 5.3% from September 2014. The number of active listings is down 21% 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  quicker with the average days on market at 64 days, which is 2 days less than last month (66 days) and 23 days less than spring (May 87 days) this year! Listing success rates are down this month at 76.7% compared to 80.4% last month, but up from last years success rate at this time of 72.8%. The average sales price is $270,341 with an average size of sold listings being 2,169 square feet.

Phoenix

In Phoenix this month’s average sales price is at $140.08 per square foot. This is up from last month’s average of $138.74, and up an average of 6.8% from August 2014. The number of active listings is down 18% 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 quicker with the average days on market at 63 days, which is 4 days less than last month (67 days). Listing success rates are down slightly this month at 77.3% compared to 80.8% last month. The average sales price is $265,878 with an average size of sold listings being 1,898 square feet.

Scottsdale

In Scottsdale this month’s average sales price is at $219.42 per square foot. While this is down from $232.39 average per square foot in August, it is up an average of 2.9% from September 2014. The number of active listings is down 5% 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 quicker than last month with the average days on market at 110 days, which is 7 day shorter than last month (117 days). Listing success rates are down slightly this month at 64.4% compared to 66.6% last month but up from 60.4% last year. The average sales price is $596,168 with an average size of sold listings being 2,717 square feet.

Tempe

In Tempe this month’s average sales price is at $147.17 per square foot, which is essentially the same as the August average of $147.77. This is up an average of 4.4% from August 2014. The number of active listings is down 13% 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 quicker with the average days on market at 56 days, which is 1 day less than last month (57 days). Listing success rates are down this month at 78% compared to 86.8% last month, but up slightly from last years success rate of 75%.  The average sales price is $285,512 with an average size of sold listing being 1,940 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 most recent Cromford Report market snapshots)

Advertisement

What Can $300K Buy You In Different Cities?

Each city in the Phoenix Metro Area has a different average price per square foot. Look below to see what $300K can get you in different cities in August 2015 and where you can get the biggest bang for your buck!

Gilbert: This 2,412 square foot 4 bedroom/2.5 bath + office home was sold for $300K by Realty ONE Group.

This slideshow requires JavaScript.

Tempe: This 2,039 square foot 4 bedroom/2.5 bath home was sold for $299K by Keller Williams Realty Phoenix.

This slideshow requires JavaScript.

Scottsdale: This 1,376 square foot 3 bedroom/2 bath home was sold for $300K by HomeSmart.

This slideshow requires JavaScript.

Phoenix: This 2,050 square foot 3 bedroom/2 bath home was sold for $301K by Agenor Partners Realty.

This slideshow requires JavaScript.

Peoria: This 2,984 square foot 4 bedroom/2.5 bath + den and loft home was sold for $300K by Century 21 Arizona Foothills.

This slideshow requires JavaScript.

Why NOW is a Good Time to Sell

Deciding when to sell your home can be a difficult decision. It’s important to not only know the value of your home, but the market trends that are in your area. If you have been debating selling your house, here are some things that you need to consider to see if now is the right time to make a move.

Low Inventory: Active listings on the market are down 15% compared to this time last year (The Cromford Report). This means that as a seller there is currently less competition on the market than usual. This low inventory also means that there are not currently enough homes on the market to satisfy the number of buyers looking to purchase. This can equate to a faster sale, higher purchase prices, and multiple offer situations.

Many Ready, Willing, and Able Buyers: Right now there is a flood of interested buyers that are pre qualified and ready to make a purchase! There are many reasons for this increase in buyers. Just a few are that the millennial generation is finally entering the market, people are becoming frustrated with high rents that continue to increase, and the first wave of people who experience hardship with foreclosure and short sales are able to purchase again this year.

Property Values Are Up: The average sales price per square foot across the Phoenix Metro Area is up 5.4% compared to this time last year (The Cromford Report). If you would like to see how your specific city has appreciated check out my August Market Update that goes over average appreciation, average days on market, and listing success rates by city.

Low Interest Rates that Could be on the Rise: Right now interest rates are still in the low 4s with good credit. While there’s no way to know the future for sure, many experts are predicting that they could be in the 5s by the years end. This could have two positive effect for sellers. One is that with low interest rates there are more potential buyers on the market. And two is that if you are planning to sell and then buy immediately, you too can also take advantage of the low interest rates before they rise.

If you are interested in finding out if now is the right time for you to sell, I’m happy to set up a no strings attached appointment so that we can go over your home’s value, your local market conditions.

How is Your Market Changing? (August)

August Market UpdateWould you put money into the stock market and not track your investment? Probably not! For many of us our home is our number one investment/asset, yet we don’t track the value of our homes like we would other investments( Zillow “Zestimates” don’t count!). Even if you’re not planning to sell, it’s important to know how the current real estate market is effecting your property values. It’s also important to remember that the real estate market is cyclical and that values will go up and down. By knowing the current market conditions you can better plan when to buy or sell to get the most for your money!

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 $96.19 per square foot. This is up an average of 7.4% from August 2014. The number of active listings is down 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 quicker with the average days on market at 50 days, which is 14 days less than last month (64 days)! Listing success rates are up this month at 89.2% compared to 81.9% last month. The average sales price is $184,500 with an average size of 1,918 square feet.

Chandler

In Chandler this month’s average sales price is at $141.32 per square foot. This is up an average of 4.9% from August 2014. The number of active listings is down 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 quicker with the average days on market at 58 days, which is 9 days less than just last month (67 days)! Listing success rates are down slightly this month at 81.5% compared to 85.4% last month, but up from last years success rate of 70.6%. The average sales price is $316,275 with an average size of 2,238 square feet.

Gilbert

In Gilbert this month’s average sales price is at $129.75 per square foot. This is up an average of 3.6% from August 2014.The number of active listings is down 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 quicker with the average days on market at 63 days, which is 1 days less than last month (64 days) and 15 days less than spring (April 78 days) this year! Listing success rates are up this month at 90% compared to 82% last month. The average sales price is $301,935 with an average size of 2,327 square feet.

Glendale

In Glendale this month’s average sales price is at $114.59 per square foot. This is up an average of 6.3% from August 2014. The number of active listings is down 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 quicker with the average days on market at 54 days, which is 1 days less than last month (55 days) and 20 days less than spring (April 74 days) this year! Listing success rates are about the same this month at 82.2% compared to 82.9% last month, but up from last years success rate of 74.1%.  The average sales price is $220,009 with an average size of 1,920 square feet.

Mesa

In Mesa this month’s average sales price is at $123.65 per square foot. This is up an average of 7% from August 2014. The number of active listings is down 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 just slightly slower than last month with the average days on market at 64 days, which is 1 day longer than last month (63 days) but 9 days less than spring (April 75 days) this year. Listing success rates are down slightly this month at 77.8% compared to 82.7% last month, but up from last years success rate of 72.9%. The average sales price is $244,464 with an average size of 1,977 square feet.

Peoria

In Peoria this month’s average sales price is at $120.14 per square foot. This is up an average of 2% from August 2014. The number of active listings is down 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 much quicker with the average days on market at 66 days, which is 17 days less than last month (83 days) and 24 days less than spring (April 90 days) this year! Listing success rates are down this month at 80.5% compared to 87.9% last month, but up from last years success rate of 70.4%. The average sales price is $270,317 with an average size of 2,250 square feet.

Phoenix

In Phoenix this month’s average sales price is at $138.74 per square foot. This is up an average of 5.9% from August 2014. The number of active listings is down 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 quicker with the average days on market at 67 days, which is 3 days less than last month (70 days) and 7 days less than spring (April 74 days) this year! Listing success rates are up this month at 80.8% compared to 78.3% last month. The average sales price is $261,665 with an average size of 1,886 square feet.

Scottsdale

In Scottsdale this month’s average sales price is at $232.39 per square foot. This is up an average of 7.7% from August 2014. The number of active listings is down 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 of other buyers and possible multiple offer situations could arise. Properties are selling just slightly slower than last month with the average days on market at 117 days, which is 3 day longer than last month (114 days). Listing success rates are up this month at 66.6% compared to 63.3% last month and 58.8% last year. The average sales price is $676,493 with an average size of 2,911 square feet.

Tempe

In Tempe this month’s average sales price is at $147.77 per square foot. This is up an average of 5.2% from August 2014. The number of active listings is down 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 quicker with the average days on market at 57 days, which is 5 days less than last month (62 days) and 9 days less than spring (April 66 days) this year! Listing success rates are down slightly this month at 86.8% compared to 87.2% last month, but up from last years success rate of 76.9%.  The average sales price is $290,820 with an average size of 1,968 square feet.

In Review

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 at 602.574.3438 for more info!

(The above statistics are from the most recent Cromford Report market snapshots)