Phoenix 2017 Housing Market Update For April 2017

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2017 Phoenix Housing Market Update:

Seller Concessions Have Risen Despite Buyer Frenzy In Phoenix

For Phoenix Buyers In the 2017 Housing market

Phoenix buyers continue to find themselves in a frenzy of competition for homes in the Phoenix housing market as March recorded the highest number of non-distressed sales through the MLS since September 2005. Phoenix housing supply has dropped in April 2017 12.7% overall compared to this time last year, it’s dropped a whopping 22% in the Southeast Valley and 27% in Pinal County!

Despite the extreme lack of supply under $300K, 30% of closings in this price range are showing some form of seller-paid concession at close. Compare this to 27% in March of last year and it indicates that even as demand and prices are on the rise, a larger percentage of sellers are contributing financially to closing costs, home warranties and repairs in order to get top dollar for their home.


For Phoenix Sellers In The Housing Market In 2017:

March 2017 recorded the highest Listing Success Rate for normal listings since July 2005 at 81.8%, which means more homes are coming off the market because they successfully sold and not because they cancelled or expired.

In a balanced market, the Listing Success Rate ranges between 60-65% for this time of year. To compare, the lowest Listing Success Rate was recorded in December 2008 at 21% and the highest was in May 2005 at 87%.

Normal listings between $100K and $200K currently have the highest success rate at 90%, followed closely by the $200K-$300K range at 87% and $300K-$500K at an impressive 79%. It’s a good time to be a seller!

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Commentary written by Tina Tamboer, Senior Real Estate Analyst with The Cromford Report ©2017 Cromford Associates LLC and Tamboer Consulting LLC

Video: Phoenix 2017 Housing Market Update April 2017 shot and recordered by Victor "Vic" Huerta a local realtor in the #Phoenix #Maricopa area.

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