Ahwatukee Foothills Real Estate Update – First Quarter 2019
What In *Ahwatukee Is Going On With The Real Estate Market?
After a strong performance in 2018, the average home price in Ahwatukee had increased by 8.6%. This was by far the strongest performance and increase in Ahwatukee property values in several years.
Can Ahwatukee Foothills home values continue at the same pace as 2018?
Well, the first quarter sales are in and indeed Ahwatukee home values are up significantly. Home Values are up even with the strong market performance in 2018.
Ahwatukee property values rose 4.8% in the first quarter of 2019 over the first quarter in 2018.
The average price of an Ahwatukee property rose to $362,408. compared to the average price of $345,725. in the first quarter of 2018.
The Days On Market stayed the same with the average property going under contract in 72 days in 2019 and 73 days in 2018.
Because First Quarter property values increased significantly, Ahwatukee property values are on a clear path to rise significantly again in 2019. The second quarter is usually our strongest sales quarter. Plus, the second quarter is where we see the strongest pressure to increase prices.
However, there is one interesting factor to note:
The number of units sold fell from 402 in 2018 to 332 in 2019 for a 21% drop in sales volume. This is the largest quarterly drop in the number of properties sold in recent history.
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). This indicates that we have a 2.27 month inventory of listings. In other words, our current inventory of 250 listings would be depleted in 2.27 months at the first quarter rate of 110 sales per month. This confirms that we are still in a strong seller’s market.
It is difficult to say with certainty that the low inventory is solely responsible for the drop in sales volume. It will be interesting to note the trending average property values, the sales volume and the daily inventory at the end of the second quarter.
Is it a good time to sell your Ahwatukee Foothills property?
The listing inventory is at record lows. Home values are increasing. Interest rates are holding under 5%. Buyers are anxiously waiting for every new listing. It is 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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