The Arizona housing market has entered the peak selling season that typically starts in April each year. Will the pace continue in 2018?
First, let's take a look at last year. It was a great year for the housing market in Arizona. Housing sales and housing prices increased. In December of 2017, 7% more homes sold than in December of 2016. In addition, the sales price increased 8.6% during the year. That is a great increase for homeowners that are considering selling their home this year.
Will the market continue to be hot in 2018? All indications point to continued market growth. In March of this year the average sales price was up 2.9% from February and 9.1% from March of last year. Inventory remains low and is down 15.4% from last year yet the demand from buyers is still strong. Limited housing inventory means properties sell faster, in fact, the average days on market in March of this year is down 4.1% from last month and 6.6% from March of 2017. And of course, the low inventory continues to push the sales price of homes up.
The new home sales industry appears to be confident about growth, they are gearing up for a strong 2018 by purchasing new land and developing new subdivisions. They are also filling in some of the subdivisions that were never completed. New construction homes help offset the low inventory and provide options for buyers. It's great for neighborhoods with vacant lots, it helps complete the community. With the current incentives available buying a new home could be a great choice for buyers. Often builders have move-in ready homes available for buyers that don't want to wait to build a house. Several new home communities are selling out quickly in the West Valley.
Although prices continue to increase, competition is still fierce among buyers. Multiple offers on properties is a common situation that today's buyer's face. With the rising cost of renting a home, along with the rising interest rates, buyers are out in full force searching for their dream home.
If you are wanting 2018 to be the year you make a move and purchase a home then call or email me! I help you position yourself to be a strong buyer in this hot market. You will most likely run into competition from other buyers so it is important to have a game plan together before you start looking at homes. It's never too early to get started. Please contact me to schedule a phone consultation to help you make the process smoother.
If you are looking to sell your home I'd love to schedule a phone consultation to help you determine if this is the right time for you. If it is, I can help you get your property market ready so it shines above the competition and I can also help you bulletproof the sales transaction to ensure a successful sale of your property.