CURRENT MARKET STATISTICS

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2017

  

  • Average sales price of a home was $297,171
  • 7% increase from 2016
  • This has been a health appreciation rate for the last 3 years
  • The average days on market was 70
  • Average square footage of a home sold was 1,975

CURENT AVAILABLITY (as of January 4th 2018)


  • There are 13,805 houses for sale across Phoenix metro area
  • That number is not enough to support the Phoenix metro area population
  • There are only 5,282 homes in the PHX metro area priced under $300,000
  • There are 3,814 pending sales for homes listed at $300,000 or less

PROJECTIONS FOR 2018

  

  • Appreciation rate of 6-8 percent
  • Supply shortage (especially in price ranges for first-time home buyers)

RENTAL INFORMATION

  

  • We currently have a shortage of homes available for rent
  • Rental prices have increased by more than 10% this year
  • The rental shortage has been caused by investors selling their properties bought for a low price from 2008-2010, but not buying properties to replace them.
  • Rental inventory of houses will continue to be a problem – current home prices versus current rental prices are making investors consider other states for a better return.