Phoenix Market Update
Real estate market update courtesy of Craig and Stacey Akers at NextHome Valleywide. Contact 480-621-6828 or firstname.lastname@example.org for a Seller Solution book that will give you selling tips, pricing, and comparative home sales in your area.
For Sellers: For those who own a condo or townhome, the shortage of single family supply under $200K is good news. Sales of condos and townhomes are up 6.1% and the median sale price is up 12.5% .
For Buyers: Buyers looking for larger single family homes under $200K may want to consider the Southwest Valley with 50% of all sales occurring under $185K and an average size of 1,929 square feet.
72% of all purchases over the past month have been under $300K, which is why this price point dominates Phoenix Metro overall statistics and projections. Sales between $300K and $500K are up 27.8% over last year, up 8.5% between $500K and $1M are exactly the same for sales over $1M. Appreciation rates are not as strong in these price points because supply grew alongside demand, keeping the market in a balanced state.
Contact the real estate experts at NextHome Valleywide in Chandler, AZ at 480-621-6828 for more information. If you are currently looking at buying or selling a home in the Phoenix, Scottsdale or East Valley area and are not sure where to turn, search for homes at ChandlerAreaHomeSearch.com, where you can find single family homes, golf and lakefront properties, 55+ communities, townhomes and much more.