Current look at the RE market in the Valley
The most noteworthy market trend for Metro Phoenix real estate was May’s jump in average sold price for homes to $301,478, up an incredible 3.1% from last month and 6.6% from last year. This is the first time we’ve been above the $300K mark since spring 2008, and brings values within 15% of peak 2007 prices. Interest rates for 30-year fixed loans just dipped back to 4.01% (freddiemac.com) and don’t seem to be affecting prices or buyer behavior. Days on market just took a significant dip to a record low of 51. New buyers and sellers are entering the market at the same rates that favor sellers for homes priced below $350K and buyers above $350K. Of all homes sold so far this year, 80% have sold for $350K or less; the other 20% in higher price ranges.
Beth Cheney Cox, UBG Market Analyst Data Source: ARMLS