Phoenix West Valley Market Report by City- March 2018

How’s the Market? Here is the March 2018, West Valley Market Report. Inventory levels dropped in ALL West Valley Cities, continuing a strong Sellers Market. El Mirage is at 1.05 months of inventory, followed Tolleson 1.2, Glendale 1.57, Avondale, 1.66, Laveen 1.73. Although buying and selling a home is typically  an emotional transaction, homes are still a commodity and the Real Estate market is driven on Supply and Demand. With extremely low supply of homes for sale, home prices will continue tone stable or increase, however these levels are considered extremely low and actually make it very difficult for some buyers to find a home. Some buyers are having to put offers on several properties before getting an accepted contract. Which means on that same home, there were several other buyers that did not get their offer accepted. Demand is very high right now in the West Valley, yet closed transactions last month were down in most cities, Laveen, -20.5% over last year, Avondale -13.2%, El Mirage, -13.%, Surprise -10.4%. To prove that point further, the 3 cities with the most amount of inventory did have increases in closed transactions, Buckeye 31.5% increase over last year, Litchfield Park 30.2% increase & Goodyear 12.8% increase.

Some market insides we are still seeing a lot of offers contingent on the sale of the buyers home, as people move they want to secure a home before the sell their current home. We are seeing multiple offers, however that does not mean bidding wars. Home priced at fair market value, and staged to sell, are selling first while others sit on the market. Once again, don’t be fooled that low inventory high demand means as a seller you can demand high prices, buyers are more consumer conscience than ever and are not paying more than the fair market value. Over priced homes are sitting on the market and we are seeing lots of price reductions on those properties  Buyers are still flooding in from California, Illinois, Indiana, Washington, Oregon and Nevada. Interest rates are ticking up with more increases expected by the year end. What are these buyers looking for, single level with pool seems to be the highest demand right now, followed by RV parking allowed by the HOA. 
If you are considering Buying or Selling, Investing & Second homes, we can help with all your real estate needs.

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