Phoenix Metro Area Real Estate Market Update May 2017
Well Summer has finally arrived, but it brings with it some pleasant surprises that we find when we look at our Phoenix Metro Area Real Estate Market Update May 2017.
The most noteworthy market trend for Metro Phoenix real estate was May’s jump in average sold price for homes to $301,478, up an incredible 3.1% from last month and 6.6% from last year. This is the first time we’ve been above the $300K mark since spring 2008, and brings values within 15% of peak 2007 prices. Interest rates for 30-year fixed loans just dipped back to 4.01% (freddiemac.com) and don’t seem to be affecting prices or buyer behavior. Days on market just took a significant dip to a record low of 51. New buyers and sellers are entering the market at the same rates that favor sellers for homes priced below $350K and buyers above $350K. Of all homes sold so far this year, 80% have sold for $350K or less; the other 20% in higher price ranges.