Hope you had a great Independence Day Celebration!
Market Update – Week of July 5th
The number of detached single-family homes on the market in the Valley:
- Remained flat this week coming in at 5,462 vs 5,499 a week ago – almost no change.
- Under $1 million inventory was basically flat as well with 4,466 vs 4,489 a week ago.
- Under $500k inventory was also flat with 2,607 vs 2,579 a week ago.
The biggest influence on the numbers this week is likely the July 4th weekend as most people celebrated Independence Day and didn’t spend much time buying or listing homes.
According to my friends at First American Title, the median home sold last week was on the market for the following:
- Anthem – 14 days – price per foot = $275
- Cave Creek – 35 days – price per foot = $326
- Carefree – 46 days – price per foot = $418
- Phoenix – 14 days – price per foot = $269
- Scottsdale – 35 days – price per foot = $398
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?
No big changes this week – As home inventory continues to improve, buyers are starting to have a few more choices but will still have to act quickly when a great home becomes available.