How Did the First Quarter Look for Real Estate?
Hard to believe we are already near the end of the first quarter of 2017, and the real estate market is moving in the direction that was predicted for this year. Available inventory continues to be tight, however we are seeing new construction popping up across the valley, which is an excellent opportunity for home buyers.
According to the statistics provided by the Arizona Regional Multiple Listing Service (ARMLS), home sales are down when compared month-over-month however the year-over-year comparison shows an increase of 15.6 percent. As inventory continues to be a challenge, there was a reported increase of 8.0 percent when compared month-over-month, but the annual review shows a decrease when compared to 2016.
The average sales price in the Phoenix metro-area, as reported for January 2017 is up 4.1 percent when compared year-over-year. Additionally, the median sales price is reporting an increase of 7.1 percent over last year’s data. The average days on market did report a slight one day increase, however the month-over-month reports show a four day decrease in the days on market.
Our selling season has begun, and monthly sales volumes are up 12 percent on average over the last six months. The ARMLS reported a median sales price for January of $225,000 and a slight increase in February to $228,000 median sales price.
If you have owned your home for at least five to seven years, your home may have equity built up. If you are interested in learn how to cash in on that equity and upgrade your living space, please give me a call today. We can help you explore the financial options available, as well as how to leverage the equity in your current home. I look forward to hearing from you soon!
Your Trusted Real Estate Advisory for Thirty-Years, Nate