OCTOBER 2019 Phoenix Arizona Real Estate Housing Market Update News - Asking Prices up 9% Over Last Year, but are Buyers Paying It? These Homes Have Appreciated the Most since 2000
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For Buyers: The news media is filled with short-term predictions regarding the economy and how it will, or will not, affect real estate prices. It’s understandable for buyers to want their home to appreciate in value after they purchase, who doesn’t? However there is far too much attention paid to short-term influences and fluctuations these days and not enough attention paid to the long view. Real estate is a long-term investment for many people. Despite the euphoria of 2005-2007 and the nightmare of 2008-2011, on average homes are selling 81.6% higher today than they were in the year 2000. That’s an average appreciation rate of 4.3% per year over the course of 19 years. Smaller homes appreciated the most over time while larger homes appreciated the least. Homes under 1,000sf have appreciated 122% since 2000, an average of 6.4% per year. Those between 1,000-2,000sf appreciated 106%, an average of 5.6% per year. 2,000-3,000sf appreciated 68% at 3.6% per year. 3,000-4,000sf appreciated 49% at 2.6% per year and homes over 4,000sf appreciated 11% at 0.6% per year. For Sellers: Average asking prices per square foot are up 9% over this time last year and they’re continuing to rise. However, not one individual price range has risen 9% or more; confusing, right? That’s because the sharp increase in the average has more to do with a growing market share of luxury active listings over $500K as inventory has plummeted everywhere else. The highest increase is within $200K-$250K, where sellers are asking 5.6% more than they were last year. That’s followed by listings over $1M where they’re asking 4.2% more and $500K-$1M at 4.0%. All other price ranges are just 1-3% higher. But are buyers paying? Actually, many of them are! In the $200K-$250K range, the average sales price per square foot is still 0.8% higher than the average list price; and between $250-$300K the average sales price is 6.8% higher than the average list per square foot. Things change over $500K. Between $500K-$1M there’s a -6.3% gap between asking price and sales price and over $1M the average sales price is -15.1% below the average asking price. 🔴 Subscribe for more free tips: https://www.youtube.com/channel/UCpAA... ⚠️New weekly videos where we share the "How To” strategies and secrets of Real Estate, real estate Tips/Advice, housing news & market updates. Love food? Check out our fun local food and drink reviews, too. Do you know anyone thinking about buying (or selling) a home in central Phoenix? BEFORE you start house-hunting, there's something you should know…I wrote this book, just for YOU! This book is full of insider information that will save you THOUSANDS and THOUSANDS of dollars on your next home purchase or sale. When you read the book, you'll learn… -Why owning real estate in Phoenix is a smart, long-term investment (page 43) -Two questions you should ask a real estate agent BEFORE you sign a contract with them (page 69) -The most COSTLY mistakes made by homebuyers (page 95) -The ONE THING you must do before house-hunting (page 174) And much, much more…There's chapters for buyers, sellers, investors, landlords, for sale by owners, and even a BONUS guest chapter on how to properly "stage" your home to sell! Whether you're looking to buy a home in Phoenix, a home in the Historic Districts, or maybe something walking distance from Downtown Phoenix..read my book, click on the link below to get a free copy of my book. FREE copy of Awni's book "The Ultimate Guide to Central Phoenix Real Estate" here: http://www.cenphxliving.com/book 🏘What’s my home REALLY worth? Get a TRUE home value report at http://cenphxhomevalues.com 📲 🏘Interested in buying a home or multi-family? Free property search at http://awntelsellshomes.com 📲 Connect with AWNTEL on Social Media: Instagram: @awntelrealestate Facebook: https://www.facebook.com/buyandrentaz Linkedin: https://www.linkedin.com/in/awniabbas Twitter: https://twitter.com/BUYANDRENTAZ Pinterest: https://www.pinterest.com/awntelprope... Awni and Chantell Abbas - "AWNTEL" Awntel Property Advisors group Website: http://www.cenphxliving.com Number: 480-788-4118 #phoenixarizona #marketupdate #2019housingmarket #recession #realestate #housingmarketupdate #housingeconomy #phoenixrealestate #housingnews #phoenixrealtor #phoenixarizonarealestateagent #awniabbas #phoenixarizonarealestateinvesting #realestateinvestor #realestateinvesting #bestrealtorinphoenix