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    Phoenix, AZ Real Estate Market Update: July 2019 ~ The Market Is HOT!

    Summer is here and the phoenix real estate market is still sizzling hot!

    1. How’s the market … in terms of sales?

    May saw a record number of sales in the Valley with 10,280 sales in the month. Though May is usually the busiest month for sales in the valley, June may set a new record this year as well. We saw 3.8% more sales this May vs last but when we break it down by price point, we see the four hundred thousand to one million dollar price range really drove the market.

    2. How’s the market … in terms of price appreciation?

    Overall, we’ve seen sale prices appreciate about 6.5% over last year, which is fairly consistent over the last 5 years. Prices are up 33.8% since June 2014. Appreciation has been driven by the under four hundred thousand dollar market (which makes up nearly 80% of the market) but we’ve seen nice appreciation across the board.

    3. How’s the market … money wise?

    Dollar volume during May was the highest we have ever seen for ARM LS closings in a single month with over 3.3 billion dollars in sales with no sign of really slowing down. We’re up nearly 2.5% in dollar volume this year, despite a 4% drop in the number of sales.

    So what does this mean for you?

    Re-sale prices are not predicted to come down this year. With recent drops in the interest rate and growth in private sector annual earnings there’s great optimism for the local real estate market . For buyers that means waiting can (and probably will) end up costing you more and for sellers, though we typically see buyer activity drop in the second half of the year, there are still plenty of buyers out shopping.

    If you want more information about the your specific market or any area of town please don’t hesitate to give us a call.

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