Real Estate Market Report Lucia May 2017
The real estate market in Lucia is moving along steadily as we move into Summer 2017. The average days on market was 27 days and the average sales price was $482,500. The absorption rate for May was 2.4 and this number tells us that we are currently experiencing a “seller’s market” in the Lucia neighborhood. If you are a home buyer, then the absorption rate will be important for you to consider when writing an offer on a home. If you are a home seller, then the absorption rate will be important for you to consider when pricing your home for sale.
Absorption Rates Defined:
1 – 4: If the absorption rate falls in the range of 1 to 4, then we consider that a “seller’s market” meaning there are fewer homes on the market for sale and therefore less competition for sales in the neighborhood. In a “seller’s market” a home seller may decide to price their home more aggressively based on the limited supply of homes on the market.
4 – 7: An absorption rate anywhere between 4 and 7 indicates a more balanced market where neither buyers or sellers have the upperhand. Homes that are priced well and show well will still sell relatively quickly in a balanced market.
7+ : An absorption rate greater than 7 tells us that there are more than 7 months worth of inventory of homes for sale in that neighborhood which will indicate a “buyer’s market.”
For a detailed look at the Market Summary Report Lucia May 2017 , click on the link.
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 April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!
United Brokers Group
21321 E Ocotillo Rd F113
Queen Creek, AZ 85142