Thursday, September 14, 2017 / by Bret Johnson
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Here are the latest numbers from our August 2017 market.
This year, appreciation during the month of August rose 6% from 2016. Also, the median sales price is up by 1%, sitting at $251,000.
However, the number of sales in our August market varied slightly depending on whether the home was a resale or a new construction. The number of resales sold in August is up 4% year over year, while new home sales are up by 15%.
This is definitely a hot market for new homes. Speaking of new homes, builders are tending to make them smaller. This means that the price per square foot has gone up.
With that said, every market is different. Within our Phoenix area market, some areas are definitely hotter than others.
Right now, Coolidge, El Mirage, and Arizona City are the top three areas in terms of appreciation. In fact, Coolidge has seen a 14% year-over-year increase.
On the other end of the spectrum, Tonopah, Whittmann, Carefree, Fountain Hills, and New River are seeing the lowest appreciation. New River has had about a 2.7% increase in appreciation while Tonopah actually decreased 10% from this time last year.
Ultimately, every area experiences different market conditions.
If you would like to know what is going on your area, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.