With the strong gains in home values over the past two years, prices in many Ahwatukee neighborhoods have started to peak. The past few months have been categorized Valleywide as a “Buyer’s Market.” The final numbers for March are in; inventory is down while pending and closed sales are up. We’re returning to a more balanced real estate market. According to the National Association of Realtors, the current months of inventory levels across the country are around four months. A balanced market is three to four months of inventory. Ahwatukee is currently at four and a half. That’s great news for a seller.
Let’s take a look at the numbers year to date for Ahwatukee’s single-family home market:
• Single-family homes ranging up to $300,000 had 179 closings in 2014 with the lowest home sale being $120,000, and there are currently 150 homes in this price range listed for sale with 100 homes pending (UCB).
• Single-family homes in the $301,000-$500,000 range currently have 143 homes listed for sale with 111 closings year to date, and 61 homes that are pending (UCB) in this price range.
• Single-family homes ranging from $500,000-$750,000 have had 18 closings year to date with an additional 11 homes pending (UCB), and 66 homes currently for sale.
• Single-family homes priced between $751,000-$999,000 have 17 homes listed for sale. There have been five homes closed in this price range with three homes currently pending (UCB).
The Ahwatukee Foothills has many luxury home communities. The luxury home market has been the last to tumble, which leads it to be the last to recover. This spring, the luxury home market appreciated its highest sales volume of any season for many years. A great sign for the Ahwatukee Foothills! According to the Arizona Multiple Listing Service (MLS), year to date the Ahwatukee Foothills produced a total of seven sales that exceeded $1,000,000. Out of those seven, two of them were more than $1,500,000, with the highest sales price at $1,598,000 in Tapestry Canyon. Now, there are currently 26 homes for sale over $1,000,000 with four homes pending (UCB) in this price range.
Even with an uneasy first couple of months, this year’s spring, as usual, is giving us a much needed boast in activity. Let’s hope the trend continues well into 2014.
• Bonny Holland is with Keller Williams, Sonoran Living in Ahwatukee Foothills. Reach her at (602) 369-1085, www.leadingluxuryexperts.com or on Facebook and Twitter.