Phoenix Metro Area Market Update – April 2019

April 26, 2019

Phoenix Metro Area Market Update – April 2019

After a slow start in 2019, home sales and their corollary “listings under contract” continue their rise into early April, now slightly exceeding the sales and listings under contract for this same period in 2018. Most of the improvement in sales and buyer interest can be attributed to our continually falling interest rates. Interest rates have declined throughout 2019, since peaking in early November of last year at 4.94% (Freddie Mac). As of April, rates are down almost a full point from that high, to 4.08% (Freddie Mac, April 4, 2019).

In the Phoenix Metro Area, the average sale price per sq. ft. is currently $171.87, which is 19% up from last month and 6.5% up from last year. The total number of active listings for April is 18,650, which is down 1.6% from last month and 9.9% up from last year. This tell us that the supply of homes for sale is greater right now than it was this time last year.

The monthly median sales price for greater Phoenix is up 4.6% year over year to $266,000, so buyers and sellers should still expect a relatively competitive market. However, since much of what is driving our current market can be attributed to falling interest rates, buyers and sellers would be wise to keep an eye on rate changes (and their drivers), as any significant change in rates and rate direction would likely directly and quickly impact pricing and sales.

While 2019 is shaping up to be another healthy year for Phoenix real estate, sellers and buyers are encouraged to make smart choices in both pricing and offers as today’s buyers and sellers are very value sensitive. As full-time real estate agents, we are more than happy to put together a comparative market analysis specifically for your home so you can see what other similar homes in your area have recently sold for. Pricing your home strategically will not only help you sell quicker, but it also ensures that your property will appraise when the time comes.

It’s also important to make sure your home is “ready to sell,” fresh, clean, uncluttered and updated where it makes sense.  Check out my blog, Your Pre-Home Listing Checklist, for more information on how you can earn top dollar for your home. However, if you are in doubt about how much of this to do to get “ready to sell,” feel free to give us a call — we do this assessment all the time.

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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