Phoenix Arizona Real Estate Market Report March 2018

March 5, 2018

Of course, our Queen Creek Real Estate market varies slightly from the Phoenix Arizona Real Estate Market Report, but most of the data is still applicable for our local housing market. The Market Report for Queen Creek and the San Tan Valley Market Report provide a more detailed look at the numbers for our region. Thanks to my amazing colleague, Beth Cox, Lead Market Analyst for United Brokers Group, I am able to provide you with the following information regarding the Phoenix Arizona Housing Market Report.

Ready or not, here comes the busy season for Metro Phoenix real estate.  We enter March with 6% fewer listings than a year ago and most homes still going off the market in less than two months.  The average sold price dipped 2.1% in February, holding above $308,000, up 7.5% from a year ago, and poised to rise.  The large 9.1% decrease in the number of new listings from January to February is significant and will offset some of the inventory accumulation that occurred last month with only 6142 closings.  Continued lack of new inventory will drive up prices and eventually result in fewer closings.  

Ultimately the number of sales depends on both actual demand and availability of affordable, quality homes.  Freddie Mac’s March 1st survey shows that 30 year fixed mortgage interest rates have climbed during each of the last eight weeks.  Now at 4.43%, rates are the highest they’ve been since April 2014.  This will motivate some buyers, deter others, and affect affordability for many.  There are many factors at play, but homeowners motivated to take advantage of the hot selling season and buyers wanting to secure low-interest rates should be hard at work with knowledgeable agents.” [Raw Data Source: ARMLS]
March_2018-market-update_web-ready

We are full-time, experienced Realtors working in Queen Creek and the surrounding areas.  With decades of East Valley real estate experience under our belts,  we are here to answer any questions you may have.  Please do not hesitate to reach out to Karen Berg at 602.919.2375 or April Anderson at 480.272.1977.

We’re looking forward to hearing from you soon!

Karen Berg and April Anderson

United Brokers Group
21321 E Ocotillo Rd F113
Queen Creek, AZ 85142

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