Average sales prices for homes in the Phoenix AZ market continue their upward climb. Since January, the average sale price had increased around $13,000! Although we saw the number of new listings coming on the market increase over the past couple of months, the number of sold listings have been increasing at a faster rate. Buyers are just not getting their fill of Phoenix area real estate, particularly in many West Valley cities where the supply of homes is critically low.
Despite investors leaving our market, new waves of buyers are taking their places. Families who lost their homes to foreclosure or who short sold homes a few years ago are increasingly able to qualify for financing as their fiscal issues slip farther into the past. Folks who were holding off to see where the market would go are feeling pressure to buy before prices go up again. And, of course, those historically low interest rates are luring people back into the market.
Average Sale Price March 2013 vs March 2012; $221,791/$181,283
Phoenix area real estate is definitely a seller’s market, and the increasing prices are making it more attractive for prospective sellers to make the jump and put their homes up for sale. Most of my listings are selling within days of being put on the market, generally having received multiple offers. Buyers pounce on new listings as soon as the “For Sale” sign is hammered into the ground.