Ahwatukee Foothills Real Estate Update June/1/2019
What In *Ahwatukee Foothills Is Going On With The Real Estate Market?
So What In *Ahwatukee Foothills Is Going On With The Real Estate Market? May was an interesting month! Home values are up over the same period in 2018 but the rate of appreciation slowed dramatically in May.
After a strong performance in the first four months of 2019, the average home price in Ahwatukee had increased by 5.5% over the same period in 2018. This was a continuation of the strong 2018 performance when Ahwatukee property values increased 8.6% over 2017 prices.
The Numbers For May, 2019
The January to May, 2019 sales figures are in. 699 Homes sold and the average price of an Ahwatukee Foothills property rose to $365,089., compared to the 744 homes sold and the average price of $350,538. in January to May, 2018. Ahwatukee Foothills Average home values increased 4.1% in the January to May, 2019 over the same period in 2018.
The Days On Market have dropped slightly with the average property going under contract in 65 days in 2019 versus 73 days in 2018.
Last month we reported that the number of units sold had dropped 7.8% from 550 in 2018 to 507 units 2019. The drop in units sold continued in January to May with a 6.4% drop to 699 units sold versus 744 in 2018.
Last month home values were up 5.5% over the same period in 2018 and we asked if Ahwatukee home values could continue to climb at that pace.
However, In January to May, the increase in 2019 prices over 2018 prices had dropped to 4.1%.
The upward trend in the average Ahwatukee Foothills home values appear to have shifted.
However, There Is One Interesting Factor To Note:
Last month we reported that the Ahwatukee listing inventory is at historic lows. The number of homes on the market has been hovering between 250 to 260 daily (at time of writing (6/1/2019) there were 206 Active listings). This indicates that we have a 1.47 month inventory of listings. In other words, our current inventory of 206 listings would be depleted in 1.47 months at the January to May, 2019 rate of 129 sales per month. This confirms that we are still in a strong seller’s market.
As we said last month, it is difficult to say with certainty that the low inventory is solely responsible for the drop in sales volume. In addition to the low inventory, we now have a significant one month slowing in the increase in value of the average Ahwatukee Foothills property. We are definitely seeing a trend in the low number of units on the market. Is the one month slowing in the increase in value of the average Ahwatukee Foothills property a monthly aberration or is it the start of a downward trend in average value of Ahwatukee Foothills home values? Is the low inventory playing a part in the slowing rate of increase? If this were true, it would appear to contradict the premise of “The Law Of Supply and Demand.” As we said last month, it will be interesting to note the trending average property values, the number of units sold and the daily inventory at the end of the second quarter. Only time will tell.
Is It A Good Time To Sell Your Ahwatukee Foothills Property?
The listing inventory is at record lows. Interest rates are holding under 5%. Buyers are anxiously waiting for every new listing. It is stlll one of the best times in recent years to list and sell your Ahwatukee Foothills property!
If you are thinking of selling an Ahwatukee Foothills property or if you have any real estate related questions we would love to discuss your best options with you.
We are here to help!
Please don’t hesitate to call!
Henderson Real Estate
*Ahwatukee Foothills is the official name of an Urban Village in Phoenix. Ahwatukee Foothills lies south of South Mountain Park. “Ahwatukee Foothills” is comprised of zip codes 85044, 85045 and 85048. Some confusion occurs when some folks refer to Old Ahwatukee as “Ahwatukee” and “Ahwatukee Foothills” as a separate entity. So, for clarity, when we use the term “Ahwatukee” we are referring to the entire area designated “Ahwatukee Foothills,” including (85044, 85045, and 85048) unless otherwise noted.
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