Phoenix Metro Area Market Update – March 2019

March 23, 2019

Phoenix Metro Area Market Update – March 2019

This month marks the first full month of our annual, spring buying season.  Every year we build from February into March, with March going full steam ahead.  It is important to note, this “annual buying season” lasts from mid-February through May, with peak activity (listings, under contract) in April. So far, 2019 is already a highly competitive one for sellers.

In the Phoenix Metro Area, the average sale price per sq. ft. is currently $168.57, which is 0.6% up from last month and 6.1% up from last year. The median sale price is $264,000, which is up 0.8% from last month and 4.8% from last year. The total number of active listings in the Phoenix Metro Area for March is 18,959, which is down 0.4% from last month and 12.0% 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.

Price reductions are something we see typically, as a normal function of the regular supply and demand market-testing. This year, however, price reductions are up 71% in the $200,000 to $250,000 price range! This is due mostly to an increase in supply of 32% year over year! Also important to note, prices continue to rise, up 4.8% year over year, assisted by lower interest rates from the Federal Reserve.

Based on this data, sellers are reminded to price their homes appropriately. 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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