Wednesday, October 10, 2012

Market Update for September

Market Update for September

Last month I shared with you an update on the market here in the Phoenix metro area. This month, I thought I would share a little more about why now is such a great time to sell a home.

On a positive note, inventory has increased and today there are 12,569 homes for sale in Maricopa County. This is up slightly from the available inventory last month.

With 9,119 pending sales in the Arizona Regional Multiple Listing Service (ARMLS) we have less than two months of available inventory. How does this make it a great time to sell?
Simply put: supply verses demand. Let me share more…

Based on a review of the data in the Arizona Regional Multiple Listing Service (ARMLS), the average homes in the West Valley is valued at approximately $154,106 in today’s market conditions. That same house in September 2011 was valued at $128,758 – that is a $25,348 increase in property values in just one year!

With the low inventory of homes on the market, this upward trend is likely to continue. As would-be homeowners make multiple offers above the listed asking price, the law of supply verses demand forces property values up.

For homeowners who believe their property is underwater or that they can’t afford to sell right now, should think again. We have seen a steady increase month-over-month for the past seven months consecutively. This is the first time in five years that we have seen consistent, positive improvements to property values. Now is a great time to sell your home!
If you own a home anywhere in the Valley and would like to know what your property is currently valued at, please call or email me for a FREE market analysis. I can provide for you an in-depth review of the market statistics for your home and show you how we can sell your home fast and for top dollar.

Luisa Ramirez, RE/MAX Professionals
623-687-7827 direct
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