CURRENT PHOENIX METRO AREA REAL ESTATE MARKET UPDATE JUNE 2018

CURRENT PHOENIX METRO REAL ESTATE MARKET UPDATE - CROMFORD REPORT

The Days of Inventory tableau chart from Cromford Report offers a lot of information in just one chart and shows market history since 2011 as well as current conditions. The chart is updated weekly and currently shows 57.8 days of inventory for the Greater Phoenix Area. Excluded are active listings with an existing contract (UCB or CCBS) even though they still count as active on the ARMLS. Below is a chart showing the Cromford® Market Index for the 17 largest cities in the Greater Phoenix Area and their single-family housing markets:

Cromford® Market Index for the 17 Largest Metro Phoenix Area Cities

The table above indicates 11 cities that show movement benefiting sellers and 6 cities improving for buyers. Benefiting from lower supply and strong demand, Scottsdale is the highest percentage gainer with a 12% improvement over the past month in favor of sellers. Just behind Scottsdale is Surprise, with a 10% gain. Except for Tempe and Maricopa at 7%, the remaining improvements are more modest. Chandler and Gilbert show a 3% gain from last month and Mesa is up 2% benefiting sellers. Queen Creek shows a 2% move in favor of buyers, with Glendale and Buckeye being the biggest movers for buyers.

Looking at the ranking table for cities by annual average price per sq. ft., it's clear that the top performers for appreciation over the last 12 months have been the more remote parts of the central valley. The chart below is a different version where the cities are ranked in order by appreciation rate:

Phoenix Metro Area Cities Ranked in Order by Appreciation Rate

Looking at the chart, you can see that Coolidge has a 25% gain, which is pretty impressive for a single year. All of the top 6 locations are on the outskirts of the valley and among the top 10, except for Youngtown, which could be considered a more central location. Maricopa, Florence, and Rio Verde are also looking promising for appreciation over the next 12 months.

The big cities are further down the list, with Queen Creek at 9% and Scottsdale at just under 5%. Scottsdale is expected to do better over the next 12 months with the recent improvement in its Cromford® Market Index (up 12% from last month). At present, things are looking difficult for Anthem and New River, while Gold Canyon and Carefree just don't get the same publicity that Paradise Valley and Scottsdale receive and tend to get neglected by out-of-state buyers. These upscale locations tend to appreciate more slowly even when supply is depleted.

In the West Valley, Youngtown, El Mirage, and Sun City have been the top price gainers. In the Southeast Valley, Queen Creek (9%) and Mesa (7.6%), and Apache Junction (11.3%) are sitting on top. Other Southeast Valley locations include Chandler (6.1%), Gilbert (7.1%), and Sun Lakes (7.5%). In the Northeast, Fountain Hills and Cave Creek are the leaders.

How's The Market(?) Report

Depending on what kind of real estate consumer you are (buyer, seller, investor), the information you take in needs to be interpreted in light of your objectives. At any given time the market is “Good”, “Bad”, “Flat”, or “Great,” however, that depends largely on what you’re looking to do with real estate. A great market for a buyer may be a bad one for a seller, while a bad market for a seller might be a great one for an investor/buyer. Cathy Carter can provide you with the proper information to accurately answer “How’s the market?” - based entirely on what you’re objectives are. You can request a How’s The Market Report which will provide you with a complete report on how the market is doing in your area, depending specifically on your objectives as a buyer, seller, or investor. Call REALTOR Cathy Carter today! 480-459-8488.

East Valley Real Estate

If you’ve been thinking about investing in real estate in the East Valley communities of Chandler, Gilbert, Mesa, Queen Creek or Sun Lakes, now is a great time to buy while prices are still affordable! Below is a breakdown of home values and median home prices for the different communities in East Valley:

Chandler - The median home value in Chandler is $296,400. The median price of homes currently listed in Chandler is $324,900 and the median price of homes that sold is $297,700. View Chandler Homes for Sale
Gilbert - The median home value in Gilbert is $314,900. The median price of homes currently listed in Gilbert is $329,250 and the median price of homes that sold is $313,000. View Gilbert Homes for Sale
Mesa - The median home value in Mesa is $236,000. The median price of homes in Mesa currently listed is $259,900 and the median price of homes that sold is $239,700. View Mesa Homes for Sale
Queen Creek - The median home value in Queen Creek is $274,200. The median price of homes currently listed in Queen Creek is $295,000 and the median price of homes that sold is $266,900. View Queen Creek Homes for Sale
Sun Lakes - The median home value in Sun Lakes is $303,600. The median price of homes currently listed in Sun Lakes is $325,000 and the median price of homes that sold is $280,900. View Sun Lakes Homes for Sale

For more information about homes for sale in these desirable East Valley communities, please call local East Valley REALTOR ® Cathy Carter. Cathy would love to speak with you and find out what you are looking for in your next home! 480-459-8488.

WORK WITH Experienced East Valley REALTOR® - CATHY CARTER

Offering over two decades of real estate experience, Cathy Carter is very familiar with the East Valley market and where the best homes and neighborhoods are located. If you are ready to begin looking at homes in one of the desirable East Valley communities, Cathy and her professional team offer a wealth of knowledge, experience, and expertise. Cathy is an expert when it comes to uncovering the right homes that best match her clients wants and needs and negotiating the best price and terms possible. As a licensed, professional REALTOR®, Cathy is committed to providing her clients with accurate, reliable and trustworthy information and the personalized service they deserve. Start searching for your dream today with Cathy Carter as your trusted guide and advisor!

Please give the most qualified East Valley REALTOR® - Cathy Carter a call today at 480-459-8488 or fill out the online contact form, and she will be more than happy to answer any questions you may have.

CATHY CARTER, REALTOR®
ABR, CRS, CDPE
2450 S. Arizona Ave, Suite 1
Chandler, Arizona 85286
Cell: 480-459-8488 /Toll-Free: 800-519-5578