Welcome to the 2017 Market Action Real Estate Report for the Ahwatukee/Foothills market for February 2017.
According to the Arizona Regional MLS, the 112 February property sales in Ahwatukee’s three ZIP codes were up 20.4 percent from February 2016 and 9.8 percent higher than January total sales. February sales also ran 14.4 percent ahead of last year’s year-to-date sales.
The median sales price in February was $305,000 – up from $262,000 in February 2016 and up 11.5 percent from $273,500 in January. The average list price of all current listings is $328,009, up 15.9 percent from February 2016.
The selling price per square foot of $173, a good indicator of the direction of property values, was up sliogtly over February of last year while the asking price per square foot was $173 – up 10 percent over a year ago.
February’s listing inventory was 395 homes, down 11 percent from 444 in February 2016.
The number of new listings last month was 167, down 15.5 percent from 200 in January and down 24.6 percent from February of last year.
The difference between sales price and original listing price was 96.7 percent – up from 95.6 percent in January and up from 95.6 percent in February of last year. This reveals the average percentage the sellers are reducing their home prices to get the home sold.
Looking at the market overall, new listings (169) were higher than the number sales (112).
The MLS was carrying 395 listings in February for Ahwatukee. The median list price for all current listings in February was $369,500, while the median sales price was $305,500.
The average list price of all current listings is $479,949 while the average sales price is $328,009.
The month’s total supply of inventory increased by 17.9 percent while days on the market increased 29.2 percent.
Interest rates are continuing to edge upward. We are seeing more multiple offers on properties that are priced under $350,000.
In many ways, this is a market good for both sellers and buyers.
-Linda Berg is branch manager for Coldwell Banker Residential Brokerage. Reach her at email@example.com or 480-496-9001.