Phoenix Housing Market Report 85029 June 2015

This market report covers the June 2015 housing market for the 85029 zip code of Phoenix, AZ. The graphic shows the vast majority of arrow indicators to be green, meaning an improvement, no matter how slight, over the same category from the previous month.

Phoenix Housing Market Report 85029 June 2015

THE DATA

Active listings are up about 9% which is good for buyers but means more competition for sellers.

Sales per Month are up about the same 10% and projected sales per year down less than 1%.

Days on Market for houses that sold during the month are down slightly, however, Days on Market for all listings has improved dramatically.

Days of inventory is up by about the same amount as Active Listings, which makes sense.

When we measure $/SF (dollars per square foot) of Active Listings we’re looking at the listing prices for those houses. And for June $/SF increased about 7% however Pending Listings $/SF was only up 1% and Monthly Sales $/SF was down almost 2%.

That might lead us to believe that Active Listings were overpriced in June. But a look at Avg Sale Price % List (Average Sale Price as a percent of List Price) shows an improvement with the average house selling for 98.4% of it’s listing price so houses that were overpriced were a small minority. Most homes were priced very close to true market value.

Appreciation both monthly and annually remained constant at 8% and that is a great sign. Long term Appreciation is up slightly and that should keep home owners appreciating faster than rents are increasing. Another reason to buy a home if you are qualified.

Annual Growth in Sales per Month continues to eat it’s way out of the red and an 8 point increase in Listing Success Rate is very good news for home sellers.

WHAT IT MEANS

Buyers will have more choices when searching for a home in Phoenix 85029 and sellers will need to price their properties in line with comparable properties in the neighborhood.

While demand is far from strong it is increasing and has since the first of the year. And while the demand isn’t red hot the months of supply are very low at 1.4 months. This means that if no other properties came on the market, the available supply of homes in Phoenix 85029 would be sold out in less than 6 weeks, so yes, it is still a sellers market.

Interest rates are still low and that’s good for both buyers and sellers but rates are starting to inch up and this will cause more sellers to put their homes on the market and more buyers to get qualified and buy. Why?

Because rising interest rates means that buyers will be buying less home for the same money and for sellers it means fewer qualified buyers for their home.

If you’re a buyer don’t wait, rates will increase, get a great Realtor®, get qualified and get going.

If you’re a seller list your home now while there is less competition and low interest rates.

Whether you’re buying or selling a home in 85029 or other parts of the valley I’d like to apply for the job. I’ve sold more than 200 homes over the past 10 years and I can do the same for you.

 

If you are interested in buying or selling a home in Phoenix 85015

 I offer a Free Personalized Market Report.

As an informed buyer or seller you’ll make better decisions.

 E-mail Nancy@NancyLaswick.com or call (602) 793-1627

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