Home buyers are starting to lose their advantage in the Phoenix area

house-moneyI’ve been out with buyers A LOT lately and it’s amazing how the best homes are in multiple offer situations and/or are sold within days of being listed.  I’ve noticed on my weekly stats, that the average list price in the Phoenix East Valley is rising. 

As we return to a more balanced market, we are now re-educating our buyers.  Buyers can no longer offer 10%- 15% under list price of a desirable home and expect to get it.  Buyers have to actually look at the comparable sales and get wise counsel from your Agent. 

Here’s some comparative data from the Arizona Regional MLS from April 9, 2009 and May 12, 2009.

Ahwatukee ~ Home list prices have increased 5.8%. In April there were 477 homes for sale in Ahwatukee and the average list price was $529,760.  One month later, there are 417 homes for sale with an average price of $560,395. 

Chandler ~Home list prices have increased 1.5%.  In April there were 1556 homes for sale in Chandler and the average list price was $349,279.  One month later, there are 1237 homes for sale with an average price of $354,406. 

Gilbert ~ Home list prices have increased 5%. In April there were 1739 homes for sale in Gilbert and the average list price was $323,302.  One month later, there are 1421 homes for sale with an average price of $339,757.

Maricopa ~ Home list prices have increased 2%.  In April there were 739 homes for sale in Maricopa and the average list price was $131,681.  One month later, there are 527 homes for sale with an average price of $134,327. 

Mesa ~ Home list prices have increased 5%.  In April there were 2654 homes for sale in Mesa and the average list price was $296,054.  One month later, there are 2172 homes for sale with an average price of $310,750.

Queen Creek ~ Home list prices have increased 5%.  In April there were 1240 homes for sale in Queen Creek and the average list price was $210,981.  One month later, there are 932 homes for sale with an average price of $222,800.

Scottsdale ~ Home list prices have increased 1.5%.  In April there were 3863 homes for sale in Scottsdale and the average list price was $1,190,590.  One month later, there are 3536 homes for sale with an average price of $1,210,502.

Tempe ~ Home list prices have increased 8%.  In April there were 496 homes for sale in Tempe and the average list price was $352,033.  One month later, there are 380,321 homes for sale with an average price of $380,321.

Real Estate in the Phoenix Metro area is rockin and rollin and it’s great to be along for the ride!

Comments

  1. DOVE4PEACE says:

    Yes,
    The market is heating up tremendously. Everyone is looking for that great deal. However, the best kept advertised secret is this home being raffled off at http://www.officialhouseraffle.com/ This could change your life overnight and it is real.

  2. AZ is a great place to buy but it’s getting harder now, because of of the supply of homes. Recently, we’ve seen homes that had been sitting on the market for weeks and now seem to be getting contracted in days. I have a feeling the market could turn into a seller’s market within the next few months.

  3. It’s starting to feel like 2005 all over again. Multiple offers abounding on homes listed under $200,000. Last 2 homes sold for over list.

    Interesting statistic I just heard, 91% of all sales in the last month have been under the 200,000 price tag.