Here’s a look at the Phoenix Real Estate Market for July 2018. According to recent reports, buyers in the Phoenix area are still in a positive position when it comes to interest rates and purchasing a home. What’s in store for sellers? Let’s take a look a closer look at Phoenix market trends.
A Look at Housing Stats
July started with a total of 9,904 homes sold in the Phoenix area. This number shows a 1.9 percent increase from this time last year. The median sale price of houses sold in Phoenix during the month of June was $265,000. This amount shows an increase of 9.5 percent from June 2017.
What Does this Data Mean?
At the end of June, there were 16,139 homes listed with no offer. This number is up by 12.2 percent from this time last year. There were 11,606 listings under contract in Phoenix. This number shows a decrease of 6.1 percent from June 2017.
What does this mean if you’re buying a house in Phoenix?
For the most part, Phoenix home buyers are not swayed by recently rising interest rates. In fact, with the current median family income of around $69,000 annually, many buyers are taking advantage of the affordability of Phoenix real estate.
The competition for homes requires buyers to be on top of searching in this market. The best way to stay informed when new listings hit the real estate market in Phoenix is to sign up for email alerts. You can create property searches based on your needs and get an email when new listings that meet your criteria are active. This gives you an edge in today’s market.
What does this mean if you’re selling a house in Phoenix?
We’re seeing the elevated appreciation rates of the last 6 years begin to level out to the 3% appreciation line we were used to seeing before the real estate crash of 2008. The demand for houses is strong right now, and home sellers are seeing an increase in the year-to-year median sale price.
If you’re considering the option of selling your property, you’ll want to know the current value. Begin with an online home valuation that gives you a good idea of what you can expect. Afterward, take it a step further and contact us for a more comprehensive report that takes the current market, upgrades, and recently sold homes in the area into account.
Phoenix Homes for Sale
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