November 2017 Real Estate Rundown
Active Listings: 18,646 versus 21,028 last year – down 11.3%
Monthly Sales: 7,379 versus 7,078 last year – up 4.3%
Average Sales Price Per Square Foot: $150.35 versus $144.39 last year – up 4.1%
Median Sales Price: $245,000 versus $229,000 last year – up 7.0%
New listings have been arriving at a slightly lower rate during October 2017 than in October 2016. We still have too few homes for sale at the low and mid range and too many for sale at the top end. Consequently prices have been rising quickly at the bottom end, rising moderately for the mid-range and falling moderately at the high end.
Commentary by Michael Orr with the Cromford Report.
Carefree is the only city that has gone backwards since last October due to excess supply, and demand shifting to more walkable areas.
Cromford Market Index
The Cromford Market Index is a value that provides a short term forecast for the balance of the market. It is derived from trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyers market, while values above 100 indicate a seller’s market. A value of 100 indicates a balanced market.
Cromford Market Index – All Cities
All 17 cities are in the seller’s market zone over 110. However the situation deteriorated for sellers over the last month in 12 of the 17 cities, particularly in Fountain Hills, Surprise, Avondale and Peoria. The usual increase in supply that we see during the first part of the fourth quarter is bring down many of the indexes as buyers have more homes to choose from.
The Wilcox Report
2018 Projections For The Single Family Home Market
- “With year-over-year increases in sales and rising prices, 2017 should end as the best year for dollar sales volume since the record year of 2005.”
- “If we reach a median sale price of $280,000 in 2018, is it a sign of another price correction? My answer is no. Since 2013, the annual median sale price has increased between seven percent and eight percent each year, which reflects a healthy increase. At the same time, borrowers have been able to qualify for these higher prices, even in light of today’s strict lending standards when compared to 2004–2006.”
- “2018 will experience fierce competition in many locations for available homes that are priced right, especially those in the mid-to-lower price ranges. The reason for the increased competition is more people, more jobs and tight inventory.”
For more information on market conditions in your area and how they may impact your goals to buy or sell, contact us at Info@CarmelleAZHomes.com or call or text us at 480-648-9253.What's My Home Worth