2016 is almost in the books and while activity in the upper price ranges has been somewhat stagnant for much of the year, activity across most price ranges improved over the past 45 to 60 days. Here is our 2016 Phoenix real estate market recap and 2017 outlook.
There are a little over 20,000 active listings across the county and we have hovered around 20,000 to 22,000 units for the past 18 months or more. This supply is a bit low, but not overly so. In the upper price ranges, there is excessive supply in many neighborhoods. Below $250k, inventory is still moving well and in Scottsdale, demand is fairly strong under $400k.
This graph shows Market Activity YTD:
Here is a snaphot for November, 2016 Median Price for Closed Sales:
The median price for sold listings YTD is $277,728 and the average days on market for sold listings is 76. There have been 87,842 sales YTD compared to 82,540 for the same time period last year. Overall, 2016 has not been too bad–average appreciation across the county has been 2-3% and next year looks even better!
According to the National Association of Realtors, the Phoenix metro area will be the top housing market in the country. Check out the article below:
10 Housing Markets to Envy in 2017
The national housing market is largely predicted to moderate in 2017, but a handful of metros are expected to beat expectations. In fact, 10 markets are looking like hot-beds for growth in the new year.
Realtor.com®’s research team has flagged markets that will likely see average price gains of 5.8 percent and sales growth of 6.3 percent in 2017. Those gains would exceed next year’s anticipated national growth of 3.9 percent in home prices and 1.9 percent in home sales.
As such, real estate professionals in these 10 markets should expect a booming business in 2017. Realtor.com® notes these are the hottest housing markets to watch in the new year, based on price and sales gains:
1. Phoenix-Mesa-Scottsdale, Ariz.
2. Los Angeles-Long Beach-Anaheim, Calif.
3. Boston-Cambridge-Newton, Mass.-N.H.
4. Sacramento–Roseville–Arden-Arcade, Calif.
5. Riverside-San Bernardino-Ontario, Calif.
6. Jacksonville, Fla.
7. Orlando-Kissimmee-Sanford, Fla.
8. Raleigh, N.C.
9. Tucson, Ariz.
10. Portland-Vancouver-Hillsboro, Ore.-Wash.
Why are expectations so high for these 10 markets? Realtor.com®’s research team notes that strong local economies and population growth are helping to fuel sales. Also, the top 10 housing markets have other commonalities, such as relatively affordable rental prices, low unemployment, and large populations of millennials and baby boomers.
If you’re in the market for a new home, please contact one of our outstanding agents. You might also want to consider downloading the most powerful mobile home search app on the market–it is called Home Scouting–this amazing app is directly linked to our MLS and your information is never sold (unlike Zillow)–download it free using VIP code 6023697450–and look for “Home Scouting” in the app store of your mobile phone. If you have questions about the Phoenix metro real estate market, a community or particular property, contact us day or night–we’d be honored to serve you.