Here is the August 2017 Market Report for subdivisions in Surprise, AZ. Something to keep in mind when you are looking at the Real Estate Market, real estate transaction on average take to 30 days to close, so the August Market report is really reflecting homes that went under contract and sold in July. Another important number to pay attention to is the Months of Inventory, real estate is a still a commodity and values are driven by supply and demand. “MONTHS OF INVENTORY”, this number shows how long the current inventory of properties would last at the current rate of sales. 5-6 months of Inventory would be considered a flat or “Normal Market.” Less than 4 months would be considered a “Seller’s Market” while levels above 6months would be considered a “Buyer’s Market”. Absorption Rate is calculated by dividing the average number of available homes by the number of sales per month.
August in Surprise, AZ closed sales were up by 5.2%. Pending Sales are currently down -13.7% compared to last year. New listings taken are also down -4.6% compared to last year. Inventory level has remained low and year as we List and Sell nearly the same amount of homes each month. In August, 374 New homes listed on the market and Sold 344. July Surprise was at 2.66 months of Inventory and August dropped 2.07 months. Good news is that Median home price in Surprise is up 7.14% over last year.