August data show the Ahwatukee Foothills real estate market is staying hot.
The average sale price in Ahwatukee rose to $423,546 – up 10.3 percent over August 2019, when the average home value was $384,114.
The number of units sold last month was 11 percent below August 2019 – a decline to 127 units from 141. Homes sold faster with average days on market dropping to 42 days from 59 days in August 2019.
Buyers are continuing to step up with higher offers to get prime properties. As a result, the number of listings that required a price reduction for a sale declined to 29 percent of closed listings. Historically, about 40 percent of properties require one to get a sale in this market.
Prices are rising and properties are continuing to appraise at contract prices. It is a great time to sell an Ahwatukee property.
Moving to the bigger picture, the January-August average Ahwatukee sale price was $404,172 – up 8.2 percent over the same period in 2019.
The number of units sold continues to lag behind 2019, falling 6.7 percent from 1,146 units sold the first eight months of 2019 to the 1,069 units in the same period this year.
The active listings inventory in Ahwatukee stayed at 109 units. It is interesting to note that 167 Ahwatukee properties came on the market last month and 95 of them have gone under contract. This market is hot.
Average days on market offer a good indicator of the strength of the real estate scene. Between January and August this year, that average dropped from 62 days in 2019 to 48.
Homes sold on average 22 percent faster in 2020 than in 2019. We can assume from this that the strong seller’s market we have seen for months is getting even stronger. This is one of the few times that we would advise sellers to list a little higher to test the market.
There was one sale over $1 million between July 1 and Aug. 31, going under contract in 109 days versus the usual average of 181 days for luxury homes. Today there are 21 seven-figure listings.
There have been 19 sales of million-dollar-plus properties in Ahwatukee in 2020.
Interest rates remain at record lows. Money is available and it is inexpensive, bringing out buyers in record numbers. More importantly, properties are appraising at contract prices.
We anticipate the Ahwatukee and Arizona real estate market is going to continue to grow.
Arizonan economist Elliott Pollack, CEO of Elliott D. Pollack & Co. has stated that “Greater Phoenix is third out of 36 major metropolitan areas for employment growth.”
Despite some predictions of rising housing foreclosures due to the economic impact of the pandemic, the anticipated job growth is expected to offset any major impact here.
If you are planning to sell your Ahwatukee home, you probably have questions about the best way to get your home ready for sale.
If your objective is to get the highest price possible for your property, you have to make your property shine.
First, make any repairs that are required. If you have paint that is peeling, carpets that are stained or even cracks in the ceiling, buyers will think you didn’t take care of your house. These minor deficiencies are exaggerated in savvy buyers’ minds; they will move on to the next property without making an offer.
Go through your property with your real estate professional to determine the repairs that must be made.
Second, staging your home is critical and staging starts at the curb. The buyers will start formulating opinions about your home as soon as they first see it. That first impression can make or break their opinion about your home.
You have to make that first impression as appealing as possible. Make sure the grass is cut and shrubs and trees are trimmed. Plant some flowers or have flower pots.
The front door is critical. Make sure your door is freshly painted or refinished. In the interior, make it look like a model home.
Remove any clutter and your personal items and make it look as much like a model home as possible. You want the buyers to be able to visualize their furnishings in the property and feel like they can move right in and start living.
Third, make any cosmetic changes that need to be made. Touch up all paint or repaint rooms that need it. I know your son or daughter loved that black or bright red wall in their bedroom, but paint it a neutral color. Some buyers will not be able to see beyond it. And take the posters down! You don’t want to give a buyer any reason to move on down the street to the next property.
We know that every home is unique. If you have any questions or if you would like to have a free professional consultation to help you determine what needs to be done to make your home shine, please feel free to call me.
Ahwatukee resident and Realtor Allen Henderson of Henderson Real Estate can be reached at 480-392-2090 or firstname.lastname@example.org.