Phoenix Real Estate Values

By David Baker

Phoenix Real Estate Values – October 16, 2013

Here we are October 2013, real estate values and the market have begun to shift.  For many home buyers and sellers in the Phoenix Real Estate market, you are going to start seeing these changes.  Buyers, this change will be a welcome change, as we now are in what we call a buyer’s market.  What does this mean?

Phoenix real estate is now in a buyer’s market.  My definition, less than 25% of the homes currently on the market get absorbed on a monthly basis.  Others may define a buyer’s market as inventory of over 3 month’s time, which of course we are at; currently we stand at 3.64 months inventory.  From my tracking of the market, this appears to be growing and who knows where it will stop.  I’ve noticed growth of inventory for a while, but more since July.  The Phoenix MLS has been adding a minimum of 500 new listings to the already existing inventory every 7 days.  Since this April, the number of active properties on the MLS has increased by 7000 units up to 22,000.  Good news for buyers as the days of competing with multiple offers has all but disappeared (depending on price range).  You may start seeing more options as well.

Sellers.  With the shift in the market, your strategy for selling will need to be well thought out.  Be sure to consider what is going on in the Real Estate market, as well as considering your home value and list price.

 

So is it a good time to sell your home?  Values are stable currently, and that is after seeing a pretty quick and significant increase in values this year to date alone.  To be sure please request a private and confidential Fair Market Evaluation. (It’s free).

Visit http://www.MyPhxHomeValue.com to request your free fair market evaluation.

 

See below, YUP, over 22,000 listing and counting!!!

Active on MLS

Screen Shot of currently active properties on Arizona MLS

Laveen and South Phoenix Values on the Rise

As a realtor in the Laveen and South Phoenix area, I like to keep track of the values of homes over all. Of course anyone not living under a rock saw that prices plummeted in previous years, but that values for the past year have been on the rise. Some of the increase of values, big increase, can likely be attributed to the low inventory we are experiencing. Many buyers under the $200,000 range are finding themselves competing against several others offers when bidding for a home. So, if a buyer wants to get into a house, they may likely have to bid over asking price to get into the home.

What are the average home values right now in Laveen?

As of this week July 15, 2013 the average home price in Laveen is about $169,574. This is about $79 a square foot. What is amazing is the huge increase in values since the start of the year, about 20% in the Laveen area.

What are the average home values right now in South Phoenix?

South Phoenix home values, like Laveen have also been going up. The home values in South Phoenix 85041 zip code are currently averaging about $143,362. The home values in South Phoenix zip 85042 are higher average of about $173008. Much like Laveen, South Phoenix has also seen a large increase in value from the start of this calendar year.

If you’re looking to sell and want to find out the value of your home, don’t go by these numbers. These numbers are looking at the large picture, and when determining your personal home value, you really need to look at a smaller pool of homes similar to your own.