The November real estate sales snapshot for Ahwatukee indicates that the average sale price rose to $454,864 – up 20.1 percent over the same period in 2019, when the average home value was $378,725.
Yes, I did check these number three times!
The November number of units sold was up 16 percent with 136 units sold in November 2020 versus 117 units for the same period in 2019.
Homes sold faster in 2020 with average days on market dropping to 40 days versus 55 days in 2019.
Buyers are continuing to step up with higher offers to get prime properties.
We are still seeing that buyers are not willing to overpay to get a property.
The number of November listings that required a price reduction to get an offer declined to 38 units – 28 percent of the closed listings.
Prices and the number of units sold are up while the number of listings requiring a price reduction to get an offer is declining.
Moving from the monthly snapshot of the market to the bigger picture, in the first 11 months of 2020, the year-to-date average Ahwatukee sale price was $416,433.
This is up 11.1 percent over the same period in 2019, when the average sale price was $374,745. The number of units sold is down about 3 percent for the same with 1,506 units sold in 2020 versus 1,525 units sold in 2019.
This market is still hot. The Ahwatukee listing inventory is hovering around 100 units and many buyers are frustrated with the lack inventory and the number of homes for sale.
Many sellers are still insisting on pricing their properties up to 10 percent over the listing price of comparable sales. Even in a hot seller’s market, buyers are letting sellers know that they are not going to overpay to get a property.
Buyers will offer a few points above what the comparable sale data would indicate but they are not going to overpay even in this hot market. Even if they did, it would still have to appraise. Appraisers will come up a few points over comparable sales values, but they will not appraise property at a price that is unreasonable and unsupportable.
Sellers, even in this market, would be better served by asking for no more than 5 percent over the list price indicated by comparable sales. To list higher, will extend marketing time and in many cases the property will sell for less than if it had been listed more accurately from day one, when the buyer’s interest was at a peak.
Always price it right the first time to get it sold faster and for more.
There are 97 active listings in the Ahwatukee market today. We are averaging 137 closed sales per month in 2020. With 137 units selling per month, the 97 active listings will be depleted in less than 22 days.
The Ahwatukee market remains a very strong seller’s market. With the holidays upon us, we anticipate that the listing inventory will go down as potential sellers wait for the new year to list.
The market may slow in December but the prospects for a strong January market are high as home buyers and home sellers enjoy this unusually strong market.
There were only three sales of properties over $1 million in November. Today there are 13 active listings for seven-figure properties. There have been 28 sales of million-dollar-plus properties in Ahwatukee in 2020. They were on the market an average of 166 days and 39 percent required a price reduction to get a sale.
In the $600,000-$999,999 price range, there have been 134 sales in 2020 with an average sale price of $702,355 and an average marketing time of 62 days.
In the $500,000-$599,000 range, there have been 156 sales at an average price of $546,023 and 60-day average marketing time.
In the $400,000-$499,000 range, there have been 277 sales at an average price of $438,593 in 2020 with marketing time an average 40 days.
In the $300,000-$399,000 range, there have been 545 sales at an average price of $347,204 and 37 days on the market.
In the under-$299,000 market, there have been 298 sales at an average price of $237,278 and marketing time
of 33 days.
So far this year, 1,276 sold homes – 83 percent of the total sales in Ahwatukee – were properties under $500,000.
The economic outlook continues to be strong. Demand is high and increasing for homes in the Phoenix and Ahwatukee real estate market. Interest rates are low and the Federal Reserve has indicated they are not anticipating interest rate increases in the short term.
All in all, there has never been a better time to sell an Ahwatukee property for a great price and quickly.
If you have any questions or if you need a free professional consultation, Ahwatukee Realtor Allen Henderson can be reached at 480-392-2090.