I hope you are having an amazing day! I am Cecilia Mulroy with the Joshua Smith Real Estate Group and I am here today to talk about the September 2013‚Äôs current real estate market update for Arizona here in Maricopa County.
We are seeing some big changes which I feel will be the result of a slowdown in the real estate market. The market has been pretty crazy for the last couple of years in regards to appreciation. Overall real estate prices are up roughly 60% so it is inevitable it will slow down and we are starting to see that now. There have been 10,000 new homes listed for sale this past month which is up by 700 homes from the month before so we are seeing more properties being listed.
There are currently a total of 20,000 active homes for sale on the Arizona Regional Multiple Listing Services which is up 1,000 homes from 30 days ago. In the last 30 days we have had 7000 home sales which are also down 1000 sales from the previous month. With almost 1000 more homes being listed per month and 1000 less home sales per month as well, you can see that listing inventory will continue to grow which will increase the supply and decrease the demand, meaning a more stabilized market.
The average sales price in the last 30 days dropped $5,000 from $240,000 to $235,000. What does all this mean? Well, if you are a home owner thinking of selling, I would not recommend waiting, the market is showing signs of continued slow downs and now may be the best time to sell. If you are a buyer, I would not recommend waiting any longer either as interest rates are still climbing. For example if you bought a home 6 months ago at the same value it is valued at today, with the recent rise in interest rates your payments would be hundreds of dollars higher. A 1% rise in interest rates makes a huge difference. Whether you are looking to buy or sell, we are 100% the best real estate team for you.
We take our clients and our careers very seriously. You will not find another Realtor that will market your home harder, more aggressively and nobody will work harder for you. For a 100% free, no obligation, no hassle and absolutely no pressure listing or buyer consultation please contact us anytime, we would love the opportunity to interview for the job! Thank you and make it an amazing day!
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