Phoenix Market Update October 2016

Phoenix Market Update

Phoenix Market Update courtesy of Craig and Stacey Akers at NextHome Valleywide.  Contact 480-621-6828 or info@nexthomevalleywide.com for a Seller Solution book that will give you selling tips, pricing, and comparable home sales in your area.

For Sellers:  Sellers in some cities are experiencing more competition from new home subdivisions. New construction permits are on the rise this year, which provides headaches for the surrounding sellers.

For Buyers:  The biggest increase in demand is within the $200,000-$300,000 price range, which had a 35% increase in listings under contract heading into October and only a 4.2% increase in supply.

phoenix market
Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report
©2016 Cromford Associates LLC and Tamboer Consulting LLC

Builders have been focusing a decent portion of their resources on the $200,000-$500,000 price range, the increase in competition is especially felt by sellers in North Phoenix, South Phoenix, East Mesa, Gilbert, and Peoria. As a result, annual appreciation has been maintained at 3-4% for the $200,000-$350,000 range and 1-2% for the $350,000- $500,000 range. Builders are not focusing on the under $200,000 market, which is contributing to appreciation rates as high as 9% as demand remains strong. The luxury market is still seeing flat or slightly declining prices compared to last year.

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.  Visit our blog at NextHomeValleywide for monthly Phoenix Market Updates.