The market heated up across the county over the past 60 days and activity is still strong–here’s our Phoenix metro April 2017 real estate market update. While the average days on market for active listings (116) and sold listings (74) are basically unchanged from recent months, the number of sales in April far exceeds the number of closed sales over the first quarter. You may want to review our Phoenix metro 1st quarter update if you missed the post. Here are some stats taken from the Arizona Regional Multiple Listing Service:
19,529 Actively listed properties
7469 Pending sales
9796 Sold properties in the past 30 days (average for Jan, Feb and Mar was 6761)
363 Distressed properties (this figure has remained steady for the past six months at 2% of total inventory)
To highlight how market activity has changed, this graph shows Market Activity going back to last April–as you can see, there was a marked dip from December to Jan, but then sales have risen sharply over the past four months:
It seems that activity has increased across many price points and areas–the hot price ranges are different by city–in Phoenix, the sub $250K market is strong while in the Southeast valley, anything under $300K is moving quickly. The once mired $500K to $1M market has picked up; however, some zip codes in Scottsdale are still flooded with homes priced above $600K. New home sales have been going strong for months and developers across the county are closing out communities. If you are looking for a brand new home, click the image below to visit our new home search site:
If you are interested in knowing what your home is worth, we can help–just visit our Arizona Home Valuation page and follow the prompts–this is a free service and is far more accurate than searching sites like Zillow. Even though the market is strong, we expect activity to begin slowing–winter visitors have all but gone and with temperatures rising, sales will most likely slow down. Mortgage rates for a 30-year fixed loan have gone up in the past month but still remain very attractive–here is a snapshot of rates from bankrate.com:
4.19% 30 year fixed
3.43% 15 year fixed
3.44% 5/1 Adjustable rate mortgage
If you have a question about the real estate market, a neighborhood or particular home, please contact one of our outstanding real estate pro’s–we are here to serve you.
