The Market Warmed Up in May
June 30, 2015
In Arizona, May typically ushers in the warm summer temperatures and this May also brought some heat to the housing market. Across most major Arizona markets, May residential sales increased from May 2014 and markets were generally healthy.
|Closed Residential Sales|
|Current Market Conditions||May 2015||May 2014||% Difference|
|Green Valley||Slightly Seller||129||121||+6.6%|
|Sierra Vista||Slightly Buyer||105||107||-1.9%|
Most markets are also seeing an increase in residential sales on a year to date basis, as compared to 2014.
One thing to keep in mind, this information does not necessarily mean that all price points are seeing the same market conditions in a given area. For instance, higher price properties are in many cases still facing greater competition from an abundance of listings and a smaller pool of buyers.
If you are a buyer, an increase in sales can mean a few things for you. First, increased demand may help with long term price appreciation of your potential new home. It also means there may be more competition from other buyers, which may impact your decision making on when to make an offer and for how much.
For sellers, modest market growth can mean a more robust market in terms of potential buyers, however it is critical to work with a professional agent who knows the local market and can help you devise an effective pricing plan based on supply, demand and current market dynamics. Listings tend to get the most activity and showing in the first few weeks the property is on the market, so a good strategy is to put your best price forward from the beginning. Also, while it may be tempting to try and come up with your own price by looking at online value estimate tools, keep in mind those automated valuations tend to have a margin of error and are only looking at historical data, not current market trends. So trust the advice of your real estate professional, they are the ones that have seen your home!
Statistics based on information obtained from TARMLS and ARMLS using Brokermetrics software, and GVSAHMLS, SEAMLS and Yuma MLS on 06/03/2015.