Cortina Real Estate Market Report June 2017
July 14, 2017
Cortina Market Report June 2017
The real estate market in Cortina is moving along steadily as we move into Summer 2017. The average days on market was 46 days and the average sales price was $273,058. The absorption rate for June was 1.36 and this number tells us that we are currently experiencing a “seller’s market” in the Cortina neighborhood. If you are a home buyer, then the absorption rate will be important for you to consider when writing an offer on a home. If you are a home seller, then the absorption rate will be important for you to consider when pricing your home for sale.
Absorption Rates Defined:
1 – 4: If the absorption rate falls in the range of 1 to 4, then we consider that a “seller’s market” meaning there are fewer homes on the market for sale and therefore less competition for sales in the neighborhood. In a “seller’s market” a home seller may decide to price their home more aggressively based on the limited supply of homes on the market.
4 – 7: An absorption rate anywhere between 4 and 7 indicates a more balanced market where neither buyers or sellers have the upperhand. Homes that are priced well and show well will still sell relatively quickly in a balanced market.
7+ : An absorption rate greater than 7 tells us that there are more than 7 months worth of inventory of homes for sale in that neighborhood which will indicate a “buyer’s market.”
For a detailed look at the Market Summary Report Cortina June 2017, click on the link or view the image below.
As full-time, experienced Realtors living and working in the areas of Queen Creek and San Tan Valley Arizona, we are always available to answer your real estate related questions. If you are interested in buying or selling a home in Queen Creek or San Tan Valley Arizona, or if you would simply like a FREE market analysis of your property, then please do not hesitate to contact Karen Berg at 602.919.2375 or Keely Semon at 480.220.1321.
Of course we’d love to help you any time you need to buy or sell, but we’re also here for you any time you have a question about the market. You can also feel free to call if you’re simply curious about the listed or sold price of a house down the street. We’re looking forward to hearing from you soon!