Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months. Below is
March 2017 Monthly Marketing Stats
Supply Shortage Giving Buyers Headaches
West Valley and Southeast Valley in a Market Frenzy
It's extremely rough to be a buyer right now, especially for those looking for lower priced homes. While active listings are down 15% overall in the Valley, listings under 200K are down a whopping 30% from this time last year and declining, and active listings between 200K - 300K are down 10% and not rising. Properties under 300L comprise 70% of all year-to-date sales, making areas such as the West Valley and Southeast Valley the most frantic and competitive for buyers.
March, April, and May are typically the most active months for buyer contracts and this year is not expected to be any different. Sellers are enjoying less competition for increasing demand, driven by more qualified buyers entering the market. While the total number of listings under contract is not increasing due to fewer homes for sale, contracts on listings between 200K - 400K are up 12% compared to this time last year and contracts between 400K - 800K are up 18%. Over 800K, supply and demand are near identical to last year's levels at this time.
If you're interested in purchasing or selling a home you can start by Contacting Us directly or start searching for your new home here - Anthem, Desert Hills, New River, Phoenix, Mesa, Scottsdale, Tempe, Glendale or Surprise.
Your Partner in Real Estate I am the Designated Broker at Quantum of Arizona, REALTORS. My wife Donna and I started the company in 2009 and have been growing ever since. You know people don't talk ....