This week in real estate I'm going to give you an update about what we're seeing in the Phoenix real estate market and just how much those home values have increased.
When it gets hot in Arizona, we see the real estate market slow down. It's one of those seasonal trends very typical which we talked about in our April market update. You can find that update here on our website under market updates.
In the last few months, both active listings and closed listings are down active listings are at 12,578. Thiis is in Maricopa County. This is down 5 percent from June and 12 percent from last year. This isn't a surprise because we have been talking about the supply being down this entire year.
Closed listings are at 7,372 and that's also down from June but up from last year. This is a huge increase in demand over last year.
The Days on Market is at 59 days which is the lowest we've seen in a long time. It's down from 60 days, just one day from last month and then 63 days last year which is down 4 days. Houses are selling quicker overall for Maricopa County.
Home values have increased or appreciated in last 12 months 6.7 percent. That's the average for Maricopa County. If you look at some of the major cities, we see some very different numbers. We're going to talk about that right now.
While the overall appreciation in Maricopa County is 6.7%, there are nine of the 14 major cities with appreciation rates over 9%. This includes the cities of Avondale, Chandler, Glendale, Phoenix, Queen Creek, Sun City, Sun City West, Surpirse and Tempe. Home values in these cities have increased more than they did in the 12 months prior to this year. In fact, every city has higher appreciation over what we saw in the last 12 months, with the exception of Goodyear and Gilbert. These two cities are the only two major cities that have shown a decrease in appreciation. To be clear, that doesn't mean the values are decreasing! It means that the values are still increasing but that they're increasing at a slower rate than they did the previous 12 months.
So, what should you expect to see over the next few months as the temperatures cool in Arizona. Typically, the real estate market picks up in September. You will start seeing more listings come on the market. Buyers are back in town and interested in getting a home before the end of the year. You'll start seeing a lot of activity as the activity does go up in the fall.
Then as we hit Thanksgiving, everyone's ready to party and get ready for the holidays! They take their listings off the market. Buyers become disinterested and decide to wait until next year.
We can expect to see this spurt of activity in September, October and into November.
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