Every month, our team puts together an all-inclusive overview of the valley, with everything from sports schedules to free days at the museum. This informational post concludes with a brief summary of the current real estate market.
Events & Activities - August 2018
Before buying a home or listing your house, it's important to know the current state of the real estate market. SB Home Solutions has put together an East Valley Market Report for the current state of the real estate market in the Phoenix metropolitan area, where you'll find average sale prices in popular areas, as well as other important data.
These real estate market statistics cover most of the east valley, but individual cities and neighborhoods may be significantly different. Whether you're thinking of buying or selling, or you just want to stay on top of the local real estate market, it's a good idea to set up custom alerts. It's easy- just click here!
You can also contact us directly and we will be happy to help you get started!
Average Sales Price: $390,121 ↑
Average Price per Square Foot: $174 ↑
Average Days on Market: 76 ↓
List Price: $323,264 ↑ Price Per Square Foot: $165 ↑ Days on Market: 75 ↓
List Price: $368,166 ↑ Price Per Square Foot: $168 ↑ Days on Market: 63 ↓
List Price: $365,866 ↑ Price Per Square Foot: $155 ↑ Days on Market: 67 ↑
List Price: $351,084 ↑ Price Per Square Foot: $179 ↑ Days on Market: 65 ↓
List Price: $304,993 ↑ Price Per Square Foot: $153 ↑ Days on Market: 70 ↓
List Price: $739,152 ↓ Price Per Square Foot: $243 ↓ Days on Market: 107 ↓
Fountain Hills Averages
List Price: $561,369 ↓ Price Per Square Foot: $207 ↓ Days on Market: 117 ↓
Overall, the east valley is seeing a slight rise in property value as we have pretty much every month the past few years. The supply of homes remains limited, which encourages the increase of property value. As can be expected, some areas are seeing a higher increase in value than others.
The areas experiencing an increase in available jobs, amenities, and property options are the same ones that are seeing the more dramatic rise in property values. The competition amongst cities and neighborhoods is likely to encourage every area to push for similar growth.
While individual areas vary in how values have changed over the last year, the east valley as a whole has seen consistent growth over the years, and even over this past month. Most the ares have all gone up a few dollars in price per square foot and the average days on market has gone down by a few days. This means that depending on when you purchased your home, you can probably expect to see a higher value than when you purchased the property.
Average time on market is an important number to keep in mind as it indicates an expectation homeowners can have of how long they can expect their home to remain on the market. This helps them plan the big picture of the sale of their current property as well as the next purchase they intend to make. 2018 has seen as average of 76 days on market so far this year, which is an encouraging number for most homeowners as it is still under the 3 month average baseline.
When it's a seller's market, buyers are competing to find and purchase the best homes available. Homes that sit on the market for a long time are either overpriced or not being marketed correctly to gain enough exposure to qualified buyers.