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 – May 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 directly and we will be happy to help you get started!
Average Sales Price: $385,055
Average Price per Square Foot: $170Average Days on Market: 81
List Price: $309,221 Price Per Square Foot: $160 Days on Market: 80
List Price: $357,795 Price Per Square Foot: $165 Days on Market: 70
List Price: $349,776 Price Per Square Foot: $154 Days on Market: 72
List Price: $333,442 Price Per Square Foot: $173 Days on Market: 72
List Price: $291,404 Price Per Square Foot: $149 Days on Market: 73
List Price: $720,086 Price Per Square Foot: $241 Days on Market: 111
Fountain Hills Averages
List Price: $590,401 Price Per Square Foot: $213 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, leading to an average sales price of about $346,039 so far in 2018. 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.
Request a preliminary home valuation to find out!
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 61 days on market so far this year, which is an encouraging number for most homeowners as it is almost a full month 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.
Thinking about selling? If you want to receive multiple offers on your home, now is the time. If you want to know what you can expect when listing your home with SB Home Solutions, click here.
Sign up for regular market updates for your neighborhood, or request a valuation of your home if you want to find out how your home stacks up against the competition!