Phoenix Metro Area Real Estate Market Update September 2017
The heat is lingering here in the valley and the real estate market doesn’t seem to be ready to take a break either. Here is the Phoenix Metro Area Real Estate Market Update September 2017 to show us exactly where we are at.
End of August numbers are in and they bring good news for both buyers and sellers. First, for buyers: we’ve had a 7.2% bump up in the number new listings from the previous month and a 2.6% increase in accumulated active listings. Monthly units sold are down 7.2%. So there are more options coming available, with less competition from other buyers. Good news for sellers includes the 1.7% price jump from July to August, to $301,500, and the fact that homes are still selling on average in just 49 days. Land and attached home prices (for condos and patio homes) have gained value quickly this year, and small homes (under 1500 SF) continue to outpace large homes (over 4500 SF) in price gains per square foot nearly three to one. Average rents are up 4.3% from a year ago, another indication of a growing population and healthy, stable market.
UBG Market Analyst Beth Cox Raw data source: ARMLS
With the market going through seasonal changes it is very important to have experienced and knowledgeable guidance so if you have any questions about the Phoenix Metro Area Real Estate Market Update September 2017 or Real Estate in general please contact Shane Cook at 480-703-3316 today!