You can listen to the news all you want and hear how average home prices are $999,990 in San Francisco or that Minnesota, New York and Miami home prices are in the double digit increases. You can search Google or Zillow, Trulia, Redfin and a number of sites to get a feel for the market, but if you want to know what’s happening in Arizona, your Realtor is the closest one to the source. I don’t care what anyone tells you or what you read or hear, numbers don’t lie.
Let me give you a summary of the Arizona market and back it up with numbers.
The first thing you should want to know is if it’s a Buyers, Sellers or Investors market. Depending where you are this will tell you when you should buy or sell.
Supply and Demand are the main indices to determine direction of the market and this Arizona Market is Flat and has been you a year now. We were at a high in June 2014 of 27,664 and at a low of 24,748 last month. So no movement in supply gives the Advantage to Seller. With that advantage Sellers are pushing the prices to the high end of their range. The figures below show the Average and Median prices in the past 5 months.
Average selling price Median selling price
- January $276,816 $208,900
- February $269,471 $210,000
- March $277,506 $218,000
- April $285,377 $217,000
- May $289,727 $226,000
Watch Median changes this will show that home prices are raising.
Almost all Sellers will drop their Listing price but that has also swung in their favor. Buyers generally get a 3% to 4% drop in price but that has changed in the past 5 months and in May Sellers got 97.8% of their asking price a 2.2% give back. Advantage to Seller
With prices rising and Sellers getting their price you would thing that it would take a long time to sell but that to has changed. The high in the past year was 4.28 months and has been dropping steadily for the past 5 months down to 3.77 months in May. Advantage to Seller
How about quantity? Well we are up 9.2% Year over Year and 5.9% Month over month. Advantage to Seller
Buyers do have a big advantage ant that is that mortgage rates are still low. The Feds have been looking for a way to push rates up but that would depress the market further. Advantage to Buyer
Investors? Well as they say in New York “Forget About it”. There are very few deals out there to flip. Depressed sales once almost 60% are 6.3% today. Deals are far and few between.
So, numbers don’t lie and it looks to me like the Sellers are on top.
If you have thought about selling don’t delay call us today before this market changes 480-266-4578 or e-me at Valdini.Real.Estate