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As we enter the second half of 2019, now is a good time for your mid year real estate review. Even if you are not thinking of making a move or selling your home, it is important to keep up to date on the valuation of your largest asset.
The first half of the year has been extremely active in the real estate market. Low interest rates, low home inventory, and high buyer demand has created a Sellers market in the Phoenix Metro area. On average for cities across the valley we have between 2 – 2.5 months of home inventory available. In some popular cities we have less than 1.5 months worth of inventory.
What does this mean to you as a buyer or seller?
Now is a great time to sell! Buyers are on the hunt for great homes to buy. In most cases, a well priced home will receive interest from multiple buyers. It is very important to understand, this does not mean you can over price your home and expect a buyer to pay up. Buyers are being conservative with their buying power and are not over paying. Additionally, it is still very important to have an experienced real estate professional on your side. Multiple buyers or a short marketing period does not mean an easy sale. Lean into to your agent for expertise and guidance on how to secure a good buyer who will see the transaction all the way to the closing table.
As a Buyer, this market can be a tough market but DO NOT get discouraged! Working with the right real estate professional can make all the difference. Here at Bella Casa Realty, we spend time with our buyers to outline a home buying strategy, implement those strategies to find the perfect home, and work with you on how to structure your offer to get it accepted.
Market Stats: For our numbers people.
Housing inventory in Maricopa County at the end of the first quarter was 2.8 months supply and in Pinal County 3.1 months supply.
As of June 2019, the median sales price for residential property was $279,900.00 with an average sales price of $350,600.00. Average days on market is 65 with a total inventory in the multiple listing service being 19,778 homes.
The year over year comparison of residential properties for the first half of the year shows a 6% increase in the average sale price, 3% increase in the total sold by volume, and a decrease of 2% in the total number of homes sold.
For a detailed marketing analysis report for your city, neighborhood and home call today!
We look forward to chatting with you soon.