Phoenix Arizona Real Estate Market Update August 2017

August 3, 2017

Phoenix Arizona Real Estate Market Update August 2017

Of course, our Queen Creek Real Estate market varies slightly from the Phoenix Housing 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.

“Though certainly still a stable seller’s market overall in Metro Phoenix, pricing momentum has shifted to give buyers reprieve and encouragement.  Although we saw a 15.1% drop in new inventory in July, demand (aka # of closed sales) had even more of a drop, down 24% from June to July.  The number of active listings is up 3.6% from a month ago, so buyers may start to feel like they have more choices and won’t experience quite as many bidding wars, especially in higher price ranges where listings have been accumulating for several years.  After several months of large upward jumps in price, the average sold price dipped back 2.1% in July, below $300K to $298,464.

Sellers shouldn’t panic because this is part of our normal yearly cycle.  Both sellers and buyers historically enter the market at slower rates for the second half of the year, so we expect that typical dance that causes to plateau relative to the busy spring months.  The presidential election dust has settled and 30-year fixed interest rates have dipped below 4% yet again.  The ratio of buyers to sellers so far for 2017 ranges from 0.95 in the $0-$200K price range to 0.40 in the $1M+ range.  In other words, there’s an eager buyer for each seller in the lowest price range, and multiple eager sellers for every buyer in the highest price ranges.  As always, it’s best to closely scrutinize recently closed comps with a diligent agent before offering to buy or sell your home.” Raw Data Source:  ARMLS
 
-Beth Cheney Cox, UBG Market Analyst

 August_2017_market-update

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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