June 2019 Real Estate Market Update Phoenix Metro
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The Phoenix Metro real estate market is beating expectations! It never fails, when someone asks what I do and learn that I have worked in Arizona Real Estate for the past 35 years, they ALWAYS ask, How’s the Market? So, here is your monthly “How’s the market” update!
How’s the market… let’s look at a few ways to quantify that…
In terms of sales? May 2019 saw a RECORD number of sales in the Phoenix Valley with 10,280 transactions. Though May is usually the busiest month for sales in the valley, June is expected to set a new record this year as well. We saw 3.8% more sales this May vs last year but when we break it down by price point, we see the four hundred thousand to one million dollar price range really drove the market.
How’s the market… in terms of price appreciation? Overall, we’ve seen sale prices appreciate about 6.5% over last year, which is consistent over the last 5 years. Prices are up 33.8% since June 2014. Appreciation has been driven by the under $400,000 market (which makes up nearly 80% of the market) but we’ve seen nice appreciation across the board.
How’s the market … moneywise? Dollar volume during May was the highest we have ever seen for ARMLS closings in a single month. There was over 3.3 billion dollars in sales with no sign of really slowing down. We’re up nearly 2.5% in dollar volume this year, despite a 4% drop in the number of sales. So what does this mean for you? Re-sale prices are not predicted to come down this year. With recent drops in the interest rate and growth in private sector annual earnings there’s great optimism for the local real estate market . For buyers that means waiting can (and probably will) end up costing you more. And for sellers, though we typically see buyer activity drop in the second half of the year, there are still plenty of buyers out shopping.
View this update with graphs compiled from the Cromford Report at Arizona State University here
About the Author: Denise van den Bossche has been a licensed Agent and homeowner for over 35 years in the Metro Phoenix Valley. To request a printed market report, home evaluation, consumer guide, or info on your specific market, contact Denise at 602.980.0737 or email Denise@AZMultipleListingService.com. Denise’s husband Patrick is President of Realty Executives International, so if you need help buying or selling homes anywhere in the U.S. or Canada, please call, email or text!
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