South Phoenix home values is a weekly article given you updates on the South Phoenix real estate market trends. We will look at activity over the course of the last 30 days to see what trends we can see and also look at current values homes are selling at on the market.
South Phoenix is also the area commonly called South Mountain or even the Baseline corridor. South Phoenix extends from the Rio Salado on th North to the South Mountain Preserve on the south. It also extends from the I-10 interstate (or for some that want to get super exact 48th St) to about 27th Ave on the West side. The area is made up of the 85042,85041,85040 zip codes.
As far as housing in the area, one can find a little bit of everything. South Phoenix offers several gated communities, several golf course communities, several newer subdivision homes, many older subdivision homes, homes with HOA, homes without HOA, homes that have irrigated land, homes with acreage, homes with horse priveledges, desert property homes and maybe some others I may have missed. If your looking to buy a home in South Phoenix, I have made some links for specific community types and you can view those here.
Below find weekly South Phoenix Home Values updates
December 26th, 2017
Below is the latest information for South Phoenix, and is the last entry for the year:
288 properties for sale
218 properties under contract
143 properties sold in last 30 days
2.01 current market inventory
$121.93 was average $/sq ft for sold homes
59 was average days needed to sell
Commentary – We exit the year, pretty much as we have come in, which is with low inventory and a seller market. Values have been steady and slowly rising, which has been good for home owners. The low inventory has also been good, as sellers have not had to deal with too much competition for the buyers.
For buyers, the low level of inventory can sometimes make the purchase process a little more difficult. Yet, there are options out there, and the interest rates still remain at historic lows. So, it remains a great time to buy.
Next year expectations? No one can truly say, and no one has a crystal ball, but here is what some experts predict. Inventory will remain tight, which would mean we continue as we have been, in a seller market. Interest rates are said to continue below 5%, which will keep housing purchases affordable. Historically, buyers continue in the market and start dropping of (again historically) after rates go above 6%. So we have a ways to go.
December 18th, 2017
Below are the latest numbers:
291 properties for sale
225 properties under contract
134 properties sold in last 30 days
2.17 months inventory
$122.61 was average $/sq ft for homes sold
$135.37 is active average/sq ft
59 was average time to sell
$217,702 was average sale price
Commentary – It is always interesting to me to see the margin of difference between the average dollar a square foot between the sales and those currently for sale. Almost $13 a square foot difference, which if you consider a 2000 square foot home, is likely about $26,000 difference. Again, if selling, price home correctly. With most homes being sold through buyer financing, any sale will need to have a bank appraisal. With an appraisal having to be done, no sale will get financed unless appraisal/bank see’s the value. Of course, value will be determined by other similar sales.
December 11th, 2017
Below is statistical information from the current homes for sale, recent sales, and trends:
294 properties for sale
234 properties under contract
138 sales in last 30 days
2.13 is current absorption rate/current inventory
63 was average time to sell
$227,974 was average time to sell
$122.19 was average $/sq ft for homes sold
Commentary – Seller market continues, and appreciation as well. We have seen about a 12% appreciation in home values from this same time last year, WOW right? Over all we have seen 4 plus years at this time of appreciation. How much longer will it last? That is the real question, right? At this point, it appears things are not changing for the short term, we will continue to monitor as always.
December 4th, 2017
Find below the most up to date information, for South Phoenix sales:
296 properties currently for sale
225 properties under contract
130 property sales in last 30 days
2.27 current absorption rate/months inventory
$124.04 average $/sq ft for homes sold
$230,018 was average sale price
60 was average days on market
Commentary – Looks like we will likely end the year, the way we started, which is a seller market. Inventory remains tight, especially at the lower price ranges. Home values have been slowly appreciating. To date, interest rates still are at historic lows, which continues to keep many home buyers in the market.
November 20th, 2017
Find below your South Phoenix update for market trends and home values, for the week of Thanksgiving:
318 properties for sale
229 properties under contract
146 sales in last 30 days
2.17 months inventory or absorption rate
$125.95 was average $/sq ft
$234,628 was average sale price
60 was average days to sell
Commentary – Not really much to report, change has not been happening year to date. It has been a very stable market, which has seen slow and steady appreciation for over 12 months at this point.
Great time to sell.
November 13th, 2017
Find below, the latest update from South Phoenix real estate home values and market trends. I did miss a week, mostly due to website hosting issues.
316 properties active and for sale
235 properties under contract
139 properties sold in last 30 days
2.27 months inventory
$126.33 was average $/sq ft for sold homes
$221,676 was average sale price
56 was average time to sell
Commentary – So South Phoenix real estate market continues to be in a seller market, with a 2.27 current market inventory. This level of inventory continues to favor home owners that are selling, because we have a low level of inventory.
Home owners – If considering selling, keep in mind this is the ENTIRE south Phoenix area, and looking at is as a WHOLE. There are niche markets, and values vary a bit from style, area and size of home. If considering selling, use this information as a guage of market for the area, but DO have your specific CMA doing on your home. I can help – call David Alan Baker for free consultation today 602-373-6345
October 30th 2017
Find below the information for our area:
315 properties currently for sale in South Phoenix
235 properties under contract
119 properties sold in last 30 days
2.64 is current inventory/turn over rate
$126.6 average $/sq ft
$216,985 was average sale price
56 was average time to sell
Commentary – It continues to be a seller inventory market, which makes it a great time to sell.
October 23, 2017
Find below the information and latest for South Mountain home values:
328 properties currently for sale
229 properties currently under contract
128 properties sold last 30 days
2.56 months inventory/turnover rate
$124.57 was average $/sq ft
$213,128 was average sale price
47 was average time to sell
Commentary – Seller market continues in the South Phoenix area. Current inventory as shown above 2.56 months. It is a great time to sell, and values have now appreciated for 4 plus years. Making it great time to sell.
October 16, 2017
Missed the last update, as I took a quick camping trip. Should check out the video I made, it is a cool trip down to the Bisbee Az area and exploring a mine. Below are the latest numbers for home values and market trends in South Phoenix:
315 properties for sale
229 properties for sale
132 sales last 30 days
$125.93 was average $/sq ft
$211,906 was average sale
2.38 current inventory
Commentary – Some small changes, but over all things continue as they have been. In essence a seller market, with low inventory. Number of properties increased, but that is really based on multiple new listings at a new development, of condos/townhomes.
In a nut shell – if you are considering a sale, it is a GREAT time to sell. Values have gone up since 2013, and inventory at this time is low, so buyers many times will have less choices. More so, at lower price levels.
Call for your free consultation 602-373-6345
October 2, 2017
Find below the latest numbers to help us decipher the trends and home values in the South Phoenix area:
299 properties for sale
211 properties under contract
139 properties sold in last 30 days
2.15 months current inventory level
$122.87 was average $/sq foot
$218,563 was average sale price
47 was average time to sell
1508 properties sold Year to Date
Commentary – Inventory jumped up a little bit, but it is nothing that makes me think we are shifting as a market. Actually the market shows all indications at this point, to continue on as it has been, which is a seller market. We saw a 7% increase over the last year, and expectations from so called “experts” are projecting about 5 to 6 percent next year. Time will tell, as far as I’ve seen no one has a crystal ball to tell the future, but they sure know it all when looking at the past.
The final word – market is a seller market, with projected appreciation.
September 25th, 2017
Below are numbers showing current condition in South Phoenix real estate:
304 active properties in South Phoenix
221 properties under contract
157 properties sold in last 30 days
1.93 months current inventory
$118.60 was average $/square foot
$213,915 was average sale price
55 was the average days on market for homes sold
Commentary – We continue on with a seller market. Currently at 1.93 months inventory, which is great if your looking to sell a home. The lower price ranges are selling quicker in our area, and those over $300,000, well those do take a little longer to sell.
Considering selling, then do your homework. Make sure to take a look at the competition, the recent sales and know your market and especially for homes that are similar to your own home. It will make a WORLD of difference to truly know what is going on.
September 18, 2017
Here are the numbers for South Phoenix home values, this week:
304 active properties
216 properties under contract
149 properties sold last 30 days
2.04 months inventory
$119 was average $/sq ft
$216,174 was average sale price
54 days was average time to sell
Commentary – Not much change, just like what I’ve written for this past year. It continues to be a seller market, which is great time to sell! Also, with interest rates being at historic lows (still) good time to buy.
For first time buyers, also some great financing options and DPA (down payment assistance programs). Call me for details and how to save $$$ when buying. By the way, this knowledge also helps my sellers, as I can help negotiate the best net.
September 11th, 2017
Here are the latest numbers for south phoenix home values and market trends:
284 properties for sale
228 properties under contract
155 properties sold last 30 days
1.83 months inventory
$119.20 was average $/sq ft
$214,559 was average sale price
52 was average time to sell
Commentary – Really not much change. Seller market continues, with low inventory at this time. It is a great time to sell, we have seen 4 years now of appreciation.
September 5th, 2017
Here are the latest numbers to help see what is going on with South Phoenix home values:
301 active properties for sale
221 properties under contract
158 sold properties in last 30 days
1.90 months inventory
$120.29 was average $sq ft
$208,937 was average sale price
56 was average time to sell
Commentary – Still a seller market, with that current 1.90 months of inventory. Values continue to hold steady, and yes, we have seen a good healthy appreciation this past year.
Good time to sell.
August 28th, 2017
Below are the latest numbers and update for the South Phoenix real estate home values and market trends:
297 active properties for sale
237 properties under contract
175 properties sold in last 30 days
1.69 months current inventory
$122.14 was average $/sq ft for homes sold
$204,854 was average sale price
50 was average time to sell
Commentary – If you review my previous posts, you’ll agree, not much change in the South Phoenix real estate market. We have had 12 months or more of slow appreciation, and have enjoyed a seller market. Trend seems to indicate, we will continue on that path, at least for the short term. Change, is the one constant, and we have enjoyed 4 plus years of appreciation. Will it continue to slowly increase? Time will tell.
For the time though, it continues to be a seller market with shortage of inventory in the lower price ranges. Great time to sell.
August 21st, 2017
Here are this weeks numbers:
290 active properties for sale
242 properties under contract
176 sales in last 30 days
1.64 months inventory
$122.71 was average $/sq ft
$209,088 was average sale price
55 average time to sell
Commentary – Decrease in active listings, but increase in both homes under contract, and sales for past 30 days. Property that is being priced at market value is indeed selling, so price it right, and it will sell. It continues to be a seller market, and this is good for home owners in South Phoenix that need to sell.
August 14th, 2017
Here are the numbers today:
300 properties for sale
229 properties under contract
161 properties sold last 30 days
1.86 is current inventory level in months
$123.53 was average $/sq ft for homes sold
$214,625 was average sale price
56 was average time to sell
Commentary – Year has shown, much like last 3 years, slow but steady home value appreciation. In total, we are about 4 plus years (closing on 5) of appreciation. Can this, and will it continue? At this point, I don’t see any change as of yet, but there are some signs that could lead to a slowdown. Yet, those have not truly materialized, so time will tell.
Overall, great time to sell. Also, great time to buy! Interest rates are still low, and for new home owners, there are many downpayment options! Great right?
August 7th, 2017
Below are the latest numbers:
293 active properties
243 properties under contract
155 properties sold in last 30 days
1.89 current inventory
$124.37 was average $/sq ft
$222,872 was average sale price
60 was average time to sell
Commentary – Really not much to say, it continues to be a seller market and I don’t see any indicators showing that will change. At this point, it continues to be a great time to sell, yet also good to buy because of the lower interest rates.
July 31st, 2017
Find below, the latest information for South Phoenix:
296 properties for sale at this time
252 properties under contract
152 properties sold last 30 days
1.94 months of inventory
$125.30 was average $/sq ft for sold homes
$224,569 was average sale price
61 was average time to sell
Commentary – Well, it has been a good year so far in South Phoenix. 1139 properties sold year to date, and values have been holding with slow appreciation. Inventory remains low, which means it is ALL good for selling now.
If considering selling, be sure to check your property specific property comparable homes. Better yet, call me and I’ll earn your business.
July 24th 2017
Find below the latest numbers which show the real estate market trend:
312 active properties for sale
246 properties under contract
145 sold properties in last 30 days
2.15 is current inventory level
$122.01 was average sale price per square foot
$227,822 was average sale price
59 was average time to sell
Commentary – Steady, steady and really somewhat boring to write about, but this is good. This is a very stable market at this time, with home values having gone up a good bit over the last 4 years now. Many have equity again, and for the short term (no one can truly predict the future) it appears values will hold with slow appreciation. My opinion remains, it is a great time to sell (values have gone up) and also great time to buy, because interest rates are still at historic lows.
July 17th, 2017
Hello, and welcome, lets dive right in and look at the latest numbers for South Phoenix home values:
300 properties currently for sale
252 properties for sale
150 properties sold last 30 days
2 months is current inventory level
$121.13 was average $/sq ft for sold homes
$218,582 was average sale price
61 was average days on market
Commentary – Not much change, it is still a seller market, great time to sell. Values continue pretty stable and consistent for the year. Time to sell, also fairly stable and consistent at around the 60 day range.
July 10th, 2017
287 properties for sale
255 properties under contract
157 properties sold last 30 days
1.8 months inventory at this point
$122.70 was average $/sq ft for sold homes
$222,396 was average sales price
60 was average days on market…..for sold homes
Commentary – Well, homes are selling, with 1030 properties sold year to date in South Phoenix. It continues to be a seller market, and as such……….A GREAT TIME TO SELL! Yes, it continues to be a market that favors sellers, especially in the under $250,00 range in our area. Once you go above that price, well, it changes a bit.
June 26th, 2017
Find below, the latest and greatest with update on the South Phoenix real estate market:
295 properties for sale
268 properties under contract
161 properties sold last 30 days
1.83 is current inventory of homes
$120.29 was average $/sq ft for homes sold
$221,972 was average sale price
38 was average days on market
Commentary – Nothing really to add, the market continues very steady. Seller market, lower inventory levels, and values are steady with slow appreciation.
June 19th, 2017
Find below the latest information on South Phoenix home values and sales, along with a brief commentary:
296 properties currently for sale
258 properties under contract
176 properties sold last 30 days
1.68 months current inventory level
$120.77 was average $/sq foot for homes sold
$223,506 was average sale price
60 was average days on market for sold homes
Commentary – As one can see, the trend is continuing of being in a seller market. We continue with a low level of inventory, and this is beneficial for home owners looking to sell. Time to sell has been pretty consistent for some time, and of course is looking at the entire South Phoenix area on average. Some homes do sell a good bit faster, and then again, some are taking a fair amount longer. 387 was longest amount of time on market, and 1 day was shortest.
Key to selling, is to price it right. Most homes are being purchase with financing, and that WILL require an appraisal.
June 12th, 2017
Find below the latest on South Phoenix home values and trends:
290 properties currently for sale
265 properties under contract
166 sold properties in last 30 days
1.74 is current months inventory
$119.51 is current $/sq ft average for sold homes
66 was average time to sell
Commentary – Well it is a seller market, and that means it is a great time to sell!!!! Yes, when there is a low inventory of homes, indicated by the under 3 months inventory, the sellers have a little more of the upper hand. Depending on price of home, you could possibly experience multiple offers! Yippee for home sellers, right!
Values are currently the highest $/sq foot and average sale price than they have been since prior to 2008. Most folks have equity again, and now can considering selling, and actually make a profit.
Looking to sell – Call David Baker your local real estate expert.
June 5th, 2017
Se below latest numbers and trends – spoiler alert – not much change!
297 active properties
265 properties under contract
168 sold last 30 days
1.76 months inventory
$118.79 average $/sq ft
$211,584 was average sale price
64 was average time for sale, for homes sold
In short- seller market, great time to sell.
May 30th, 2017
Here is the update for South Phoenix home values for this week:
291 active homes for sale
265 properties under contract
154 properties sold last 30 days
1.88 months inventory
$118.13 was average $/sq ft
$204,953 was the average sale price
56 was average time to sell
Commentary – It continues to be a seller market in the South Phoenix real estate market. This is great for homeowners considering selling, especially at this point going into the summer months, when the volume of homes sold picks up. In other words, more homes are changing hands, and this usually has everything to do with kids being out of school.
Values in South Phoenix continue steady, with yearly appreciation. Great time to sell.
May 22nd 2017
Below find information for the current state of the South Phoenix real estate market and home values:
282 properties currently for sale
287 properties currently under contract
160 homes sold last 30 days
1.76 current inventory
$116.12 average $/sq ft
$203,732 was average sale price
56 was average days to sell
Commentary – Not too much change, the market and home values in South Phoenix continue steady. We continue with a low level of inventory of homes for sale, at 1.76 months. While we see fluctuation in average $/sq foot, they have been holding steady.
Homes that are priced right, well those are selling.
May 15th, 2017
275 homes currently for sale
287 properties under contract
171 properties sold in last 30 days
1.6 months inventory
$117.07 was average $/sq ft
$203,331 was average sale price
56 was average time to sell
Commentary – Just know, homes are selling for market value. While market is one that favors sellers, most homes (about 95%) are being sold with financing. Thus, a appraisal will be needed. In other words, you will NOT be able to sell for over what home is currently worth. Homes are indeed selling though, and values have appreciated over the last 3 years.
May 8th, 2017
Below are the latest numbers, followed by short commentary on the market in South Phoenix:
288 active homes for sale
274 properties under contract
170 properties sold in last 30 days
1.69 is current inventory
$116.84 was average dollar a square foot for homes sold
$202,792 was average sale price
56 was average days on market
Commentary – Consistent, consistent and more consistent is what the market has proven to be for going on over a year. Values hold steady with slow appreciation for the last year. The market continues to favor sellers, meaning low inventory, so less choices for buyers. Showed new homes this weekend, and 1 builder even had a waiting list. Housing supply is short at this time. Good time to sell, it is that indeed.
May 1st 2017
Here are the numbers to start of the month:
286 active properties for sale
268 properties under contract
169 properties sold in South Phoenix last 30 days
$117.91 was average $/sq ft for homes that sold
$205,347 was average sale price
613 properties sold year to date
Commentary – Well, not to much change if any. We continue on with a seller market, which is to say inventory continues low. We are also now beginning to enter the summer, which traditionally will see more homes on the market as well as an increase of sales as well. Values overall are holding, with slow appreciation which is good.
April 24th 2017
Below is the latest information on South Phoenix home values and market trends:
276 properties currently for sale
290 properties currently under contract
173 properties sold last 30 days
117.73 was average $/sq ft
$204,847 was average sale price
60 was average days on market
Commentary – Overall, not much change. Good things to know and consider if looking to sell:
- how long it is taking on average to sell
- average $/sq or sale price – keep in mind this is for the entire zip and all home types
April 17th, 2017
Below is the latest entry into my ongoing look at South Phoenix home values for 2017.
266 properties currently for sale
297 properties currently under contract
162 properties sold in last 30 days
1.64 is current market inventory
$115.86 was average dollar a square foot for sold homes
$202,654 was average sale price for properties in last 30 days
56 was average days on market
Commentary – Not really much to add from previous entries you can see below. Market continues to be a seller market, which is the time to sell if you are considering selling. Reason is, when inventory is lower, and buyers have less choices, this favors the seller. In addition, we have seen appreciation rapidly at first, then pretty steady since 2013.
April 10th, 2017
Find below information for the last week:
281 properties currently for sale
289 properties currently under contract
158 properties sold in the last 30 days
1.77 is current housing inventory
$115.57 was the average $/sq foot
$206,083 was the average sale price
59 was average days on market for those home that sold
Commentary – Inventory remains low, as it has for some time. It continues as a seller market, and values are steady with slow appreciation. Good time to sell, yet also good time to buy as interest rates are still low.
April 3rd, 2017
Recent numbers for last week:
286 homes for sale
287 homes under contract
158 sales in last 30 days
1.81 current inventory
$113.48 was average dollar per square foot
64 was average days on market
Commentary – Inventory is low, and has just gone a little lower. This continues to be a seller market, which is a great time to sell a home, when there is low inventory and supply for buyers is of course low. This helps minimize buyers choices, and allows sellers a little more of an upper hand.
March 27th, 2017
Here are this week’s numbers for South Phoenix real estate and home values:
299 active properties for sale
281 properties under contract
151 properties sold in last 30 days
1.98 is current inventory in South Phoenix
$114.83 is was the average dollar a square foot
$199,625 was the average sale price for the South Phoenix area
66 was average days on market for homes sold
Commentary – The number of active listings has gone down since the start of the year, and the number of sales has gone up a bit as well, which leads us to a lower inventory of homes. This is actually a great thing for homeowners considering selling, because with less choices the sellers have an upper hand. 1.98 current inventory is the lowest we have had since september of 2016. Again, great time to sell if considering selling.
March 20, 2017
Lets check out the current numbers:
301 active properties for sale in South Phoenix
283 properties under contract
144 closed properties in last 30 days
2.09 months current inventory
66 was average time for homes to sell
$205,270 was average sale price
$116.56 was average dollar a square foot for homes sold
Commentary – Folks, really not much change. We continue in a seller market. Values are holding steady, and all points to things continuing the same for now. Interest rates may be going up, so we will have to see if buyers are affected by that in the coming months.
March 13, 2017
Here are this weeks numbers:
314 properties currently for sale
272 current homes under contract
134 properties sold last 30 days
2.29 current inventory
$115.22 was average $/sq ft
$200,499 was average sale price
61 was average days on market
Commentary – The story still remains the same. Not much change here, it is still a seller market.
March 6, 2017
Lets look at the numbers today in a little different format and see what comes from it shall we:
Current Last year
310 properties for sale 253 properties for sale
140 properties sold last 30 days 113 properties sold last 30 days
2.21 current inventory 2.23 inventory this time last year
$114.99 average $/sq ft for homes sold $105.97 was average $/sq ft this time last year
Commentary – As one can see we actually have seen an increase in the overall number of active listings in the South Phoenix real estate market. Yet, we also have seen an increase in the number of sales over the same time period vs. last year. The inventory for comparison reasons can be argued to basically be the same, it is still a seller market.
The big difference really from last year, is the increase in the average $/sq ft for homes that sold. Is it a good time to sell in South Phoenix? Sure, values have gone up, it is a seller market, and if you need to sell it is a good time.
Call David Alan Baker at 602-373-6345 to set a time to discuss what your home could sell for in today’s South Phoenix market.
February 27th, 2017
298 properties currently active for sale
269 properties under contract
122 properties sold in last 30 days
2.44 is current months inventory
$112.95 was the average $/sq ft for homes that sold
59 was average days on market
Commentary – We did see a slight decrease in the number of active listings, which makes sense when you also notice number of homes under contract went up a bit as well, as did number of closings. Over all, the South Phoenix real estate market continues un changed. We are still in a seller market, interest rates are low, inventory is low, so it is a great time to consider selling.
February 22, 2017
309 properties active on the market
265 properties under contract
107 properties sold in last 30 days
2.88 is current market inventory
$110.86 was average $/sq ft
$198,896 was average sale price
59 was average days on market
Commentary – Not much change folks.
February 13th, 2017
317 properties for sale in South Phoenix
244 properties under contract
106 properties sold last 30 days
2.99 is current months inventory
$110.40 was average $/sq foot for homes sold
$196,000 was average sales price
64 was average days on market
Commentary – Homes, are selling if priced right. I know, I sound like a broken record, but it is the SIMPLE truth. Not sure why some folks decide to try not to leave any money on the table, and assume that their home can sell for more than other similar homes have? Interestingly, only about 5% of homes have been paid for in cash in our area. This then, would lead us to assume that there is at the very least a 95% chance that any buyer to a home would be financed. We all know, with financing a home an appraisal will be ordered. We also further know, an appraisal will base value on recent homes sold, and they will get a similar value to those homes that sold. The appraisal will not give value of others homes, plus an additional amount ……just because. Point is, price the home right, it will lead to more showing and quicker offer and no issues with the appraisal.
It is a good time to sell.
February 6, 2017
Below are this weeks numbers:
300 properties active and for sale
239 properties under contract
94 properties sold last 30 days
3.19 is current inventory
$110.03 is average $/sq ft for homes that sold
$189,580 was average sale price
64 was average days to sell
Commentary – Not really much change, market continues stable. While we do see some minor fluctuations with closings in last 30 days, some with inventory level, we truly have not changed much. It continues to be a seller market in South Phoenix, and that makes it a good time to sell. You can likely expect to sell, as indicated from above statistics, in about 64 days on average. This is of course, a average of those homes that DID sell. There are many that are still listed, that have been sitting on the market for a lot longer. Reason – likely over priced.
So price it well, and get it sold.
January 23rd, 2017
Here is a look at this weeks numbers, followed by quick commentary on the state of South Phoenix home values:
298 active properties for sale
213 properties currently under contract
97 properties sold in last 30 days
3.07 is current market inventory
$111.77 was average $/sq ft for homes sold
$196,327 was average home sale price
77 was average days to sell
Commentary – Holy cow!! We have seen an increase in inventory for South Phoenix, what does that mean!!!?? This is the first time since 2015 that single family homes in the South Phoenix area has seen inventory of over 3 months. Albeit, it is barely over 3 months, which is what I would describe as a transitional market. Basically a transitional market does not benefit really either party, seller or buyer.
Yet, to really see what is going on in the market, you could look closer into specific area. Most zip codes in South Phoenix really have not changed much at all in the last MANY months, but 85042 has a bit. They have seen a decrease in sales over the last 30 days, as well as an average increase in time on market for home sold. Out of the South Phoenix zips, this is the one that also has more higher end homes, so that could be a reason. Yet, it could also be the list prices. If one were to notice, average sales price per square foot vs. average list price is over $20 difference. If you consider a 2200 square foot home, that could mean some homes are OVERPRICED by about $44,000!!
So, my opinion in a nut shell is that the market has not really changed much. It is a seller market, and even if you are in the 85042 zip code, it is a good time to sell. The key to making sure you’re home sells, knowledge of the market and pricing it right! Then followed by good marketing, and negotiating.
January 16th, 2017
Lets dive right in and look at the most recent activity in the South Phoenix real estate market:
298 properties currently for sale
200 properties currently under contract
122 properties sold in last 30 days
2.44 is current months inventory
$111.89 was average dollar a square foot for homes that sold
$191,556 was the average sale price
72 was average days on market
Commentary – Not too much change at all in the South Phoenix real estate market. It is still a seller market (mostly in under $250,000 price range) with only 2.44 months of current inventory. Good time to sell, when the market does favor you, in this case the seller. While we are in a seller market, homes are still selling at market value and not beyond. As an example, there has only been 12% of homes sold YTD in South West Phoenix that have been purchased in cash, the other 88% has been financed. An appraisal is the ONE thing all financed homes require, and for South West Phoenix that means 88% of the homes HAD TO have an appraisal. Also interestingly enough, the average on the mls for South Phoenix for sold homes last 30 days was 2% under the final list price. Point being that it is a seller market, but homes are not going for over market value, and one still needs to market accordingly.
January, 9th 2017
Over all, the South Phoenix real estate market is stable. We have not really seen any significant change or fluctuation in the market for months. We have seen a slow and steady appreciation, and that may in part be due to the low inventory of homes. Here are this weeks numbers:
298 properties currently for sale
185 properties currently under contract
126 properties have sold in last 30 days
2.36 is current market inventory/absorption rate
$114.38 is the average $/sq ft for homes that sold
69 was average time need for home sale
Commentary – Not much change since last year. Again, we have seen appreciation since last year, though nothing crazy. I would describe it as a steady and healthy appreciation. Course, depending on what time frame you look at, the amount appreciation will vary, but rest assured it was a positive gain. Is it a good time to sell? I’d say yes, inventory is low and this is good for a seller.
January 2nd, 2017
Welcome to the new year, hope you had a fun and safe new years evening and day. Below is the updated information for the South Phoenix area, and will give you an idea of where we start the year with South Phoenix home values.
276 properties currently for sale
179 properties currently under contract
130 properties sold in the last 30 days
2.12 is the current inventory level
$113.25 was average $/sq foot for homes that sold
$195,061 was the average sale price
58 was average days on market for homes sold
Commentary – Well the year pretty much is starting the way it ended. It continues to be a seller market, with under 3 months of market inventory for single family homes in the South Phoenix area. Interest rates are still pretty low, so this is great for buyers and also helps sellers as it makes the time to buy more appealing for buyers. The reason is simple, with lower interest rates, the cost of borrowing money is less and thus more affordable. The fed did raise rates, and this will at first impact equity loans but may begin to impact purchase loans by the March time frame. This could soften the buyers a bit, if the affordability factor is affected by higher interest rates. But for now, rates are good, values are good and this is all around a great time to buy and sell.