East Valley Single Family Market Report for January 2019
The East Valley communities of Chandler, Gilbert, Mesa & Queen Creek saw experienced a slow fourth quarter of 2018 in single family home sales due to our typical seasonal slowdown coupled with higher interest rates. These factors put their stamp on the January 2019 closing numbers, but help is on the way.
Increases in lending limits from VA, FHA and interest rates that reduced slightly have put a bit of wind in the sails of prospective buyers in our markets.
Inside The Numbers (I nodded off a bit here too)
All four of our East Valley Communities reflected an increase in the number of active homes available for sale. Total Active listings were over 4400 with nearly 950 showing as Under Contract. Sold homes in January numbered 970 reflecting the weakness from the slow Q4 contract numbers in 2018. The Average Sales Price in Chandler was very similar to that of one year ago, but Gilbert, Mesa and Queen Creek all saw increases in the Average by 6%, 4% and 13% respectively. Median Sales prices mimicked the Average number as far as percentage. Average days on market for each of the East Valley communities ranged between 52 and 57.
What all this means if you are planning to SELL your home.
Pricing and Patience. It's as simple as that. Demand remains high and the Buyers have come back after the seasonal slow down and have found more options. Pricing a home appropriately insures it will get the most traffic and the best chance at landing a contract. Average days on market for a listing are approaching 60 in some areas. Making sure your home is in show ready condition gives the best opportunity to make a good first impression.
Need to find out your home value? Our Instant Property Valuation Tool will do the trick.
What all this means if you are Buying a home.
Hooray for Choices! More homes on the market mean you have more choices when you make your move. Don't let this become paralyzing. Competition is still out there and the perfect home will likely have more than one suitor for it's attention. Relatively flat interest rates and increased lending limits means your dollar goes a bit further than it did in at the end of 2018.