Phoenix Home Sales Median Price Continues to Increase

branding image 5 Metro Phoenix median home sales price rose to $175,000 in March, a 3% increase from February marking a 30% increase over the last year.  Prices are expected to continue to increase, at least until June which is our traditional peak buying season in the Valley.  However, prices still haven’t increased enough for many homeowners sitting on the fence to put their homes up for sale, whether still “underwater” or because they’re waiting for even higher prices.  There are fewer than 12,000 single family homes in Maricopa County presently actively listed for sale and that number seems to be dropping instead of increasing.   With median home values still way below the peak median price of $267,000, worries of another “bubble” do not seem to be warranted.   Expected population growth should also contribute to increasing buyer demand, growing much faster than housing supply.  Builders are wanting to build enough homes to match the demand but are worried about overbuilding as they did in the past.  Buyers….now is the time to buy before prices increase and Sellers…now is the time to sell while the demand is high!!!  It’s important to have educated help in this ever changing market….Please call me!!!