Jan 2018 Phoenix Arizona Real Estate Market Update

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This week in real estate I’m going to talk about what happened in the Phoenix real estate market in January, and also tell you some of the
cities that I’m going to be keeping my eye on.

First I want to talk about supply and what happened in Maricopa County versus last yea. Last January we were down 19% that means 19% less houses were available on the market. Most major cities were down, but specifically Mesa, Queen Creek, Sun City West, Surprise and Tempe they were all down more than 30%, and Scottsdale was down 20%. Which is really very good for Scottsdale because they’ve been waiting a long time for that market to move.

Avondale interestingly enough was up 18% so they went the opposite direction. So let’s talk a little bit about demands 5300 homes were sold in Maricopa County versus about 50 179 pay last January. That’s up 3% so not as much change as we saw in supply but still it was moving in a positive direction. So when we look at
cities some of them are up, some of them were down. Most increase were Peoria and Surprise at 16 and 15% respectively. The most decrease again was Avondale down 35%, Goodyear was down 27% and Sun City West was down 22%.

Appreciation that’s the prices the prices stayed kind of continuing to go up at six point one percent.

Let’s discuss our watch list. As you can tell if you’ve been reading along, Avondale is actually cooling down it’s been very very hot over the last couple of years but all the indicators look like it’s going it’s slowing down. That means that appreciation will start slowing down as well it’ll keep appreciating we’ll see prices continue to go up but
they’re going to go up at a slower rate Glendale Peoria and Surprise.
The indicators tell us that that market will start moving up faster the market is heating up and we probably will start seeing prices start going up more quickly there.

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