Prices for existing homes in much of North Phoenix rose in April while inventory tightened, according to the latest North Phoenix Real Estate Watch, released this week by North Phoenix News and In&Out Magazine.
Overall, home sales in NoPho dipped slightly from 190 in March to 187 in April, but April’s average sales price rose in four of the five zones in the analysis. Price per square foot in April 2017 was up in three of the five zones compared to March, and it was up in four of the five zones compared to April 2016.
Nationally, the pace of existing home sales in the first three months of 2017 reached a level not seen in a decade, up 5 percent from a year ago, as prices continued to climb.
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Tightening Housing Inventory
At the end of March, there were 1.83 million existing homes for sale nationwide — 6.6 percent fewer than at the same point last year, according figures released this week by the National Association of Realtors. Average inventory* during the first quarter of 2017 was 3.7 months, down from 4.2 months in the same period last year.
In North Phoenix, inventory in April fell in four of the five zones compared to March, also indicating a tightening supply. Anthem Parkside and the Norterra area both have tighter inventory numbers than the national figure.
Higher Home Prices
The tight inventory and brisk sales are driving prices up across the country.
Western states saw a 7.4 percent increase in sales pace in the first quarter compared to last year. That jump, the biggest in the nation, drove the median price up 8.4 percent, to $342,500, in the West.
The median price for existing single-family homes in Phoenix-Mesa-Scottsdale was $237,900 in the first quarter of this year, up less than 1 percent compared to the first quarter of 2016. Nationally, the median was $232,100, a 6.9 percent hike from the same quarter last year, the NAR reported.
“Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter,” said Lawrence Yun, NAR chief economist. “Those able to successfully buy most likely had to outbid others – especially for those in the starter-home market – which in turn quickened price growth to the fastest quarterly pace in almost two years.”
In the most expensive metro areas (all in California: San Jose, San Francisco, Anaheim-Santa Ana) rising home prices are being fueled by job growth, Yun said.
“High demand is poised to continue heading into the summer as long as job gains continue,” he said. “Many metro areas need to see a significant rise in new and existing inventory to meet this demand and cool down price growth.”
About North Phoenix Real Estate Watch
Due to differing calculation methods, the average home prices in North Phoenix are not directly comparable to the nationwide median prices provided by the NAR.
*The actual price per square foot of any individual house will vary greatly based on many factors including location, upgrades and condition of the property.
**Inventory is based on average sales rate of the previous 6 months and presuming no additional homes are listed. Less than 6 months is considered a seller’s market.
Click here for more about the data, analysis and terms, or follow the links below for detailed zone-by-zone analysis.
40808 N Laurel Valley, Anthem Parkside
4 BEDS | 3.5 BATHS | 4-CAR GARAGE | 3,484 SQFT | $519,000
Plenty of space inside, outside and in the garage
1619 W Owens Way, Anthem Country Club
2 BEDS | 2 BATHS | 2-CAR GARAGE | 1,157 SQFT | $244,000
Cute & cozy, move-in ready
40616 N Territory Trail, Anthem Parkside
3 BEDS | 2 BATHS | 2-CAR GARAGE | 1,567 SQFT | $299,000
Bright & glowing — and easy decision
Call or text 623-297-2557 to learn more.