You may ask, what is the average price of homes these days in Phoenix? We get this question a lot.
🏡
The Average Price means it is the sum of all prices in the market divided by the number of homes in the market. For example, let's say there are 5 homes for sale in a market at prices of $175,000, $200,000, $250,000, $350,000, and $600,000. The average price would be $315,000.
🏡
When selling or buying a home, this is useful info to know. If Average Listing Prices are trending down, it may take longer to sell a home and buyers may have more bargaining power. If Average Listing Price is trending up, the market may be "hot" and homes will likely be selling more quickly. Sellers will have the advantage when prices are going up.
🏡
To sum it up, the median for new homes in the Valley is $355,000, while re-sales are at $285,000 at this time.
🏡
The affidavits of value filed in Maricopa County for November showed an increase of 6% in recorded sales compared with last year. Not bad considering the 5% lower number of working days.
🏡
The new home market did a lot of the heavy lifting - up by 14% since last year, while re-sales were up a more modest 5%.
🏡
If you have any other questions, drop in the comments below, We would love to answer them!😁