May
09

May’s Market Update

By

April 2017 wrapped up with stats and momentum that confirm a continued seller’s market. With only 10,247 new listings entering the market in Metro Phoenix in April 2017, down 16% from the previous month and 7.3% from April 2016, supply is not keeping up with demand. So it’s not surprising that we’ve seen our third consecutive month of unusually high jumps in average sold price, up to a full percent again from last month to just over $292,000. Days on market has dropped to a value of 54, the lowest we’ve seen in years. Lenders are bringing back renovation loans to help buyers who are frustrated with the lack of updated inventory, and new builds continue to accelerate their market share as well. Interest rates have flattened back out around 4.2% for 30-year fixed loans, and summer 2017 may buck some of the typical slow-down trends.

Comments are closed.

Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
Interest Rate: %
realtor fair housing

United Brokers Group
106 S Kyrene Road Ste 2
Chandler, AZ 85226

602-315-8330

Karla@KarlaRozum.com

Closing Cost Estimator

Loan Information
Loan Amount $
View/Edit Closing Cost Details