Real Estate in Gilbert and the East Valley
Brad Daniels
602-497-0966602-497-0966

Phoenix Metro Real Estate Update Jan 2017 to Jan 2018

For Buyers:
2018 is not going to be any less competitive for buyers in general.  The market is starting out with 14% fewer listings compared to 2017 however, there are 35% fewer listings under $200K, a price range that commands 34% market share of all MLS resales in Greater Phoenix.  51% of MLS sales were between $200K-$400K in 2017, and supply in this range is down just 7%.   14% of sales were between $400-$1M and supply is down nearly 9%.  Only the market over $1M is starting 2018 with 4% more for sale, 2017 sales over $1M were less than 2% of the market.

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For Sellers:
Over 51% of newly constructed condominiums, townhomes and single-family residences sold in 2017 were between $275K-$500K as of November and approved single family permits are up nearly 12% going into 2018.  Added inventory from new construction continues to keep mid-range property appreciation at sustainable levels at the current level of demand.  The last wave of boomerang buyers is expected to rejoin the masses in homeownership this year after waiting 7 long years to qualify for conventional financing after foreclosure.  These buyers span all price ranges and their return combined with positive inbound relocation and employment keep Greater Phoenix a positive environment for sellers.

 

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Be sure to call if you have any questions about this report or about how the market is performing.

Would you like to know what is happening in your neighborhood? 

Would you like to know the value of your home?

Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?

Call Brad Daniels and let’s schedule a time to discuss your housing needs.

602-679-1025 or brad@homeselleraz.com

 

 

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