As we approach the end of the real estate market’s peak season in Arizona, it’s a great time to examine the difference of Phoenix area home sales between 2016 and 2017. There were many positive changes between 2015 and 2017, but what about between this year and last year? Has the market been more beneficial for buyers or sellers? These are questions you should ask before buying or selling your AZ home to get the most value out of your new or old house. Here are some statistics of the recent changes of Phoenix area home prices and other data that may influence you to wait or to continue with moving this year.
Current Phoenix Real Estate Market
To understand the contrast between this year’s market and last year’s, it’s important to understand how our current real estate market is operating in 2017. If you’ve been involved in selling a house in recent months, you may have noticed the huge boom in the market. Summer is the busiest time of year for realtors as families and singles try to buy or sell their home while there’s no school in session and they have more free time to do so. Phoenix area home sales are incredibly high at the moment, as any homes sold between $200,000 and $400,000 are up 18% compared to last summer.
This is due to fewer homes being sold which make the houses that are for sale more valuable to potential buyers. It is a great time for sellers to make the most value back in their house before school starts again. Ultimately, the summer of 2017 has been ideal for sellers but not great for buyers looking to make investments that will return at full value when they sell their home later on. To find the best time to buy a new house in Phoenix AZ, speak with your local realtor to find a date that works with your busy schedule.
2016-2017 Phoenix Market Summary
Now that you know the current status of the real estate market, you should understand the significance of Phoenix area home sales better. Overall, 2016 was a much better year for buyers than it was for sellers. Not only were there more homes for sale, but they were also listed at lower prices whether you were buying a single family home or renting an apartment. A few seller benefits that 2017 has had to offer in real estate is that the average Days On Market (DOM) dropped and home value has notably increased from last year. Here are some useful statistics to help illustrate the difference between the buyer’s market of July 2016 and the seller’s market of July 2017:
Homes for sale:
- 2016: 23,133 homes
- 2017: 21,537 homes
- Difference: a 6.9 percent decrease
Average home value:
- 2016: $222,000
- 2017: $237,000
- Difference: a 6.76% percent increase
Median listing price:
- 2016: $141 per square foot
- 2017: $148 per square foot
- Difference: a 4.96% percent
Median rental price:
- 2016: $1,293 per month
- 2017: $1,347 per month
- Difference: a 4.18% increase
- 2016: 74 days
- 2017: 67 days
- Difference: a 10.45% decrease
How Your Realtor Can Help:
Despite how the real estate market can be summarized as a “buyer’s market” or “seller’s market”, the true state of the market fluctuates throughout the year. You may find that buying a house right before summer starts will save you a lot of cash. You may also find that waiting until summer is over makes it difficult to find a house in your price range. These are details that a reliable AZ realtor can help you out with. At Century 21 Northwest Realty, our realtors are engaged in their community and can offer great timely advice to help you buy, sell, or rent in Phoenix AZ when it makes the most sense to. This way you can avoid overpaying or making less many than your home is worth. Contact one of our trusted Realtors today to get consultation on whether the Phoenix area home prices are working in your favor or not before you buy or sell.