Happy New Year Everyone!! Wow what a great finish to 2017 our West Valley Real Estate Market. Contrary to popular belief, that December is a bad time to sell, the Holidays didn’t stop buyers for shopping for their dream home! Surprise had incredible boom with a 24.7% increase over Dec 2016, followed by Litchfield Park at 17.8%, while Buckeye was up 11.4% and Glendale with 8.4% increase. A few cities saw a down turn in the December market, Peoria -9.9%, Avondale at -9.7% and Goodyear at -7.5%.
As we continued to struggle with low inventory levels all year, I am happy to report that Maricopa county finished 2017 strong with a 6.6% increase in the number of sales over 2016. Even better ALL West Valley cities saw an increase in transactions over 2016. Buckeye with an incredible increase of 14.5%, Peoria came in strong with an 11.00%, Surprise with the third highest at 10.4%, followed by Phoenix 7.2%, Glendale 6.3%, Avondale 3.8%, Litchfield Park 1.9% & Goodyear 1.3%.
Some interesting facts of 2017, Maricopa county saw the largest increase in homes sales with properties with a sales tag of $2,000,000- 3,000,000, in fact we sold 227 properties compared to 179 in 2016, a 26.8% increase. The $550,000-$749,000 had an increase of 26.5% selling 3532 homes sold, versus 2792 in 2016. Further proof that its a good time to have real estate equity in AZ, all homes sales from $180,000 — over 3 million saw double digit increases over 2016. West Valley cities contributed to the over million dollar homes, actually selling more than twice as many homes over a million than 2016. Those cities were, Peoria with 16 sales, Glendale with 9 and Litchfield Park selling 6 homes over a million in 2017.
Maricopa county closed out 2017 with a 6.67% increase in median price at $240,000. Starting our 2018 with all below norm inventory levels, at 2.69 months of inventory in Maricopa county. All West Valley cities are below 3 months of inventory, if you know someone who is thinking of selling, now is great time. All in all Maricopa finished out 2017 in a nice stable market and appears to be headed to repeat that stability in 2018.
As always we would love the opportunity to assist you with all your real estate needs, Buying, Selling, Investing, Property Managment, our team has you covered.
Tags: Buyers, Market Condition, Market Reports, Sellers