Phoenix Metro Market Snapshot March2018
Comparing March 8, 2017 to March 8, 2018 there are currently 17,001 Active Listings which is DOWN 14.2% from 2017. Listings Under Contract are DOWN 1.8%. The Median Sales Price is UP 8.7%. Closed sales are UP 8.9%. The Listing Success Rate is at 83.7% (closed escrow), Listings that expired or canceled is at 16.3%, and the Months of Supply is currently at 2.9 months DOWN from 3.6 in 2017 and 4.6 in 2016. Take a look at the the Phoenix Metro Market Snapshot March 2017 to 2018. What does all this mean to Phoenix Area Home Buyers and Sellers? Read on......
Phoenix Metro Market Snapshot 2018
Phoenix Metro Home Buyers - What Does This Mean to You?
Buyers have less bargaining power in both price and terms, in most areas but not all. Why? Because the number of available listings is down by 14.2%. There is also is a bigger pool of buyers that are able to buy and/or are relocating from other states and countries. That just makes sense, doesn't it. It's the old supply and demand principle!
Seller Concessions have dropped to 24% overall after being consistently around 26-28% for a couple of years. With that said we're still seeing higher seller concessions 30% to 36% in the price point of $150K to $250K. Home buyers were more likely to get closing cost assistance in Youngtown 54% and in Buckeye at 52%. Cities with the smallest amount of seller concessions were in affluent retirement areas such as Paradise Valley, Sun City West and Sun Lakes.
A Buyers Agent must know what's happening in the area you are thinking of purchasing a home in order to know how much to offer and if to consider asking for sellers concessions. You certainly don't want to offer too high or too low and/or ask for seller concessions if it's not happening in your area and multiple offers are the norm. This is why it's important to hire an experienced, full time agent! You want somebody on your side to look after your best interests. After all, buying a home is most likely the biggest financial purchase for most home buyers. Hire the best agent possible, trust me you'll be glad you did!
Phoenix Metro Home Sellers - What Does This Mean To You?
Home sellers are seeing a higher success rate of offers over list price which is up 17% compared to 14% in 2017. Homes priced from 100K to 200K had a 24% higher success rate of offers over list price followed by the 200K to 300K price range which came in at 18%. Interestingly the most improved price range are homes between 300K to 1M with 12% sold over list compared to 7% in 2017. The areas that had the highest percent of sale price over list price was El Mirage and Youngtown both at 50% followed by Tolleson at 45.8%.
Home sellers take away is that it's important for your agent to know the specifics of your current local market statistics in order to guide you in both list price range and preparing your home for market. I also highly advise that home sellers stage their home as appropriate and expect professional photos. Your agent must also be an expert at marketing your home online. Why? because that is where almost all buyers are looking for homes today. And trust me, there is nothing worse than bad photos and a poorly staged home - buyers will quickly move on to the next online listing. Sellers have a very short time to IMPRESS buyers online - 5 to 10 - seconds. Making an excellent first impression will bring out " I want to see this home now" from lots of buyers. And that my friends is music to a home sellers ears!
What's My Phoenix Home Worth?
Phoenix Metro Market Snapshot March 2018
Originally Published at Phoenix Property Shoppe
Anna "Banana" Kruchten
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