How’s the Market? Here is the February 2018, West Valley Market Report.Extremely low inventory levels continue to drive home prices up in Maricopa County, as the median home price was up 9.57% for February 2018. Some West Valley cites reported double digits increases for the Month of February, Litchfield Park 23.60%, Surprise 16.04%, Tolleson 13.22%, and at Goodyear 11.16%. Sales were strong in the West Valley as all cities had an increase in closed sales over February 2017, sales were the strongest in Litchfield Park with a 28.9% increase in sales, Laveen 13.4% and Phoenix with the third highest at 13.7%. Inventory levels remain scarcely low with several cities with less than two months of inventory, Tolleson only has 1.5 months of inventory, Avondale 1.52 months, Glendale 1.73 months, and Laveen 1.84 months.
Some Market insights: We are still seeing lots of contracts contingent on buyers selling their home. Still experiencing multiple offers in certain areas and price ranges. Lots of folks moving in from other states, California and Chicago seem to leading the pack. New homes sales are some of the highest we have seen in years, partly because the resale market inventory remains so low. Buyers expectations remain high, they want nice move, remodeled or updated homes, its definitely NOT 2005 when anything would sell with multiple offers. Homes that go on priced right, staged to sell, sell fast while others will just sit on the market. Interest rates expected to increase a few times through out this year, making NOW a great time to purchase your dream home.
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