Real Estate Information

I hope everyone is having a great month so far!! As we are fast approaching Christmas and New Years the real estate market tends to slow down and then re-picks back up the first or second week of the new year. Over the past few months the market has been crazy! Inventory levels are way down (the number of homes currently for sell) which creates more demand for buyers and prices start to rise. The inventory in Surprise AZ is the lowest I have seen since 2005 and there are a lot of good signs that the market is correcting. We still have a long way to go however, we are seeing some very positive signs. Currently there is 2 months worth of inventory in Surprise which means that if there were no more homes listed for the next 2 months, all the current homes for sell would be sold (in theory).  We are seeing a large decrease in the amount of foreclosures coming to the market and we are seeing an increase in regular/traditional listings coming available. If you have bought within the last few years and now need to sell, chances are you have enough equity now to do so. My guess is we will follow the trend from previous years and new offers coming in will be slow for the next few weeks but then pick right back up in the first week of 2012. I will keep you updated to what is going on locally and please feel free to email me at joshua@teamsmith1.com or contact me via my website at www.TeamSmith1.com if you ever have any questions or need anything. Have a great day!!

I hope everyone had a great Memorial Day Weekend!! Here in Surprise AZ it was a gorgeous weekend, the weather was great and made for a perfect BBQ/hang out by the pool weekend! I wanted to share some quick facts on our current real estate market. The statistics are from the Arizona Regional MLS and, in my opinion, show some very good signs. These stats cover all of Maricopa County. We currently have 3.81 months of inventory on the market (homes offered for sale), which means that if there were no new homes listed for sale, within 3.81 months all the homes would have sold. Since the crash, there have been times we have had 1-2 years worth of inventory. The average home is selling for 95.7% of list price, average days on the market are 106 days until an offer is accepted and the average current sales price is $160,171. I primarily work in the North West Valley (Surprise, Peoria, Goodyear, Avondale, Litchfield Park, etc...) and we are experiencing a lot of multiple offers on our properties which is very encouraging. There are currently more buyers than homes available. With home prices so low and interests rates low, it seems that people feel right now is the time to buy and I 100% agree. My wife and I just bought a new home ourselves in Surprise AZ as well and feel the market has hit rock bottom. Please feel free to shoot me an email at Joshua@TeamSmith1.com with any questions or comments. I will start posting monthly market updates, so be sure to stay tuned and I hope you have a great day!!