Market Update – Week of July 19th
The number of detached single-family homes on the market in the Valley:
- Home inventory increased again this week coming in at 6,008 vs 5,839 a week ago – a 2.8% increase.
- Under $1 million inventory increased as well with 4,972 vs 4,804 a week ago – a 3.5% increase.
- Under $500k inventory also increased with 2,885 vs 2,787 a week ago – a 3.5% increase
According to my friends at First American Title, the median home sold last week was on the market for the following:
- Anthem – 25 days (up from 21) – price per foot = $293 (up from 282)
- Cave Creek – 56 days (up from 49) – price per foot = $349 (Down from 351)
- Carefree – 53 days (up from 49) – price per foot = $429 (up from 425)
- Phoenix – 14 days – price per foot = $267 (down from $269)
- Scottsdale – 28 days (unchanged) – price per foot = $402 (unchanged)
The median numbers above represent a midpoint but home condition, upgrades and lot size, lot location and views all have a strong influence on value and can vary greatly. Upgrades include updated kitchens, baths, paint color, flooring and outdoor space amenities which often have major influence on values as well.
What does this mean?
Overall, home prices are starting to stabilize as can be seen from the stats above but we’ll need to continue to watch the trends going forward. Homes under $400k are still selling quickly but location and condition are starting to be a factor in just how quickly. The number of multiple offers on individual homes seem to be going down but the best properties are still getting multiple offers.
If you are planning to sell a home in below average condition soon, it may be better to list it sooner than later as the inventory continues to grow and buyers have more options in the market. If your home is in superior condition, your home will almost always gain more interest and attention even as the inventory increases.