Although not great news for Phoenician buyers, sellers and prospective sellers of single family homes across the Valley can start their happy dance. For the monthly period ending April 15th, the Valley’s prices have moved up 2.1(% since March 15th. The new average sales price per SqFt is 133.49 averaged for all areas and types of housing across the MLS database, which is what we refer to as “the Valley.” Last month it measured $130.70. This is on top of a 1% increase from mid-February to mid-March.
Other indicators are also falling into line to bolster the continued strengthening of what might soon be a very active Seller’s market:
Current Listings: 22,574 One Month Ago: 22,934 (1% Drop)
Pending Listings: 8375 “ 8,048 (4% Increase)
Sales Per Month: 8368 “ 6655 (26% Increase)
Avg Market Time: 88 Days “ 95 Days (7% Drop)
Pending Sales PSF: $138* “ $134 (3% Increase)
Months of Supply: 3.3 “ 4.2 (21% Drop)
*PSF = Price Per SqFt
Based on a number of stats, including the Pending Sales price per SqFt, we can, with relative certainty see that the May report will have another bounce in values. Aside from the obvious negative buyer ramifications of rising values, further property increases will continue to release more homeowners to be able to sell who have still been underwater (home value less than mortgage debt).