2017 Annual Review
Steady Gains, Healthy Market
This is the same headline for 2016 and the market "conditions" remain the same; sales growth, low inventory and increased property values. It remains a sellers market and the pattern/forecast indicates this will continue through 2018. We have a healthy economy and the desire to live in Arizona continues, ranked 5th in US population growth (1.6%) for 2017.
2017 Annual Market Statistics
Total Sales up 5.8%
New Inventory down 3.9%
Total Inventory down 11.6%
Mo. of Inventory 2.85
Distressed Invent. down 12.8%
Price Appreciation
The important factor reflecting market growth and home ownership. Below are measurements for 2017 and note the comparison vs. 2016.
2017 Price Appreciation
- Median sales price: +8.5% ($246,000),
- Average sales price: +9.5% ($308,100)
- Price per square foot: +8.2%
2016 Price Appreciation
- Median sales price: +5.6% ($227,000)
- Average sales price: +5.2% ($284,400)
- Annual price per square foot: +5.4%
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