We constantly check home values for ourselves and for clients to keep "in the know" as far as the market's direction and pace and it blows my mind when we begin talking to somebody new and I hear "the market is crashing where I'm at"! Whoa. These are fighting words! The first thing I want to say to them is to check your sources very carefully and make sure they are talking about our local market here in the Phoenix area or even your specific city or neighborhood. We have seen prices increasing across the board and some towns more then others but nowhere have we seen indicators that the market is "tanking!"
On Your Red Door Team, we track numbers weekly so we can keep a finger on the pulse of the market and watch for any changes so we can inform our clients and make the necessary adjustments to ensure they can accomplish their real estate goals. For example, this week we have 20,181 active listings; 12,818 pending sales and 7,323 homes closed in the last 30 days. For the year, we are about 2,000 sales above this time last year and are selling them for $284,940 on average in 79 days.
Dialing down this average data per city, we can start to paint a different picture. See for yourself why keeping track of the micro data makes such a difference!
| CITY | Avg Sales Price NOW (3/2017) | Price per Sq Ft ($/SF) | Avg Price in 3/2016 | Price per Sq Ft 2016 ($/SF) | $/SF Inflation |
| Chandler | $306,803 | $153.12 | $293,411 | $142.17 | 7.2% |
| Gilbert | $310,087 | $144.56 | $290,481 | $135.38 | 6.4% |
| Mesa | $236,898 | $134.21 | $212,923 | $121.17 | 10% |
| Phoenix | $263,581 | $147.02 | $244,371 | $133.67 | 9.1% |
| Queen Creek | $292,033 | $123.98 | $286,625 | $115.53 | 6.6% |
| San Tan Valley | $199,271 | $103.80 | $187,461 | $94.63 | 8.9% |
| Scottsdale | $519,115 | $216.01 | $515,842 | $210.82 | 2.8% |
| Tempe | $270,419 | $158.58 | $252,850 | $150.20 | 5.3% |
Some of the conclusions we can draw from this data is that Phoenix, Mesa & San Tan Valley are our hot markets year-over-year! One of the reasons for this is that those 3 cities have the lowest average sales price which means more homes in the cheaper price ranges where we see tons of competition, multiple offers and prices getting bid up. In other words, a strong sellers market. Scottsdale for example has the lowest year-over-year gain in value and also the highest average price. We know Scottsdale to have lots of luxury homes and many of them are on the market which means more of a buyers market which will drive prices downwards as listings compete for the buyer. We aren't seeing prices dropping but we aren't seeing them keeping up with the other cities around town. This again is in large part to the luxury market.
If you would love the details and uber-micro data for your specific town, zip or neighborhood, call/text Chelsea Anderson at Your Red Door Team with Keller Williams Realty at (602) 748-6136 and we'd be glad to get those numbers to you and go over them so you can see how much prices have changed in your neighborhood.
Thinking of Selling since we very clearly are in a seller's market? Get your FREE Equity Report here: www.Chelsea.yrdthomes.com/sell
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