Market Update May 31st, 2011
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!!