Here’s our Sept 2017 real estate market update for Maricopa County. Inventory levels often determine market conditions and the available inventory remains steady (though low) at around 17,700 units. Sales activity picked up slightly in August from July figures–with a three percent increase in closed transactions (for all housing types). Currently there are 10,400 pending sales which is similar to contract activity 30 days ago. The average days on market for sold homes has gone up slightly to 67–while the average dollars per square foot obtained at sale remains $146.
This graph shows Closed Sales for the past three months:
This graph shows the Median Sold Price for the past three months:
Demand is still moderate to strong for homes priced under $500K. While sales have improved in the upper price ranges over the past few months, there is still excess supply in many zip codes across the county.
Click here to download our August 2017 Local Market Insight Report Maricopa County
We believe that market activity will remain steady through the end of October and will begin to pick-up steam early November to the end of the year. If you have a question about a community or particular property, please contact one of our outstanding real estate professionals. If you have questions about home loan rates, visit our lender page or check out bankrate.com for general information about rates.