The real estate market update for September/October 2014 for North Phoenix, 85028 is provided by the 85028 Real Estate Connection, Chelsea Elwood Realtor and area expert at Keller Williams Realty East Valley.
The market has slowed considerably in the last 12 months. We are still on the path to recovery and some have expected a second bottom to drop this year. This is not going to happen in our market due to the low interest rates, stabilized pricing and the low inventory of homes on the market. Remember our average "norm" is 30,000 - 35,000 homes on the market Active. Currently we are hovering between 23,000 and 24,000 homes Active. Our normal levels also depict a 4-6 months supply as a balanced market which we are seeing.
In North Phoenix's 85028 zip, we have 139 active homes with an average price of $467,000 and sitting on the market for 93 days on average. We have 54 pendings and 25 closed sales in the last 30 days. The closed sales averaged $334,285 or 96% of list price after 72 days on market. This gives us a 5.5 months supply of homes at that current pace. The numbers tell us we are in a balanced market while the buyer/seller outlook has fluctuated towards a buyer's market.
See Homes for sale in North Phoenix, 85028
The market has slowed considerably in the last 12 months. We are still on the path to recovery and some have expected a second bottom to drop this year. This is not going to happen in our market due to the low interest rates, stabilized pricing and the low inventory of homes on the market. Remember our average "norm" is 30,000 - 35,000 homes on the market Active. Currently we are hovering between 23,000 and 24,000 homes Active. Our normal levels also depict a 4-6 months supply as a balanced market which we are seeing.
In North Phoenix's 85028 zip, we have 139 active homes with an average price of $467,000 and sitting on the market for 93 days on average. We have 54 pendings and 25 closed sales in the last 30 days. The closed sales averaged $334,285 or 96% of list price after 72 days on market. This gives us a 5.5 months supply of homes at that current pace. The numbers tell us we are in a balanced market while the buyer/seller outlook has fluctuated towards a buyer's market.
See Homes for sale in North Phoenix, 85028
Comments
Post a Comment