Phoenix Metro Area Market Update – May 2019

May 16, 2019

Phoenix Metro Area Market Update – May 2019

May continues our listings and sales revival for the greater Phoenix area. This is not a random phenomenon but rather a direct response 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). Current 30-year money is 4.1% with .5 points (Freddie Mac, May 2019).

In the Phoenix Metro Area, the average sale price per sq. ft. is currently $171.80, which is up 5.5% from last year. The May median home price is $270,000, up 5.9% from last year. Active listing are up 7.3%, and closed sales are up 5.3%. This tell us that the supply of homes for sale is greater right now than it was this time last year!

Also, you may recall in late 2018 and early 2019 our sales and listing numbers were well below our current numbers.  The market has recovered nicely and is now on track for another very good year. What changed?
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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