The latest numbers are in and I’m excited to share them with you today. Let’s get right to it.
In March of this year, 9,402 homes closed escrow. In January, we only had 6,000 closed sales, which is still a strong number. This is one of the strongest first quarters we’ve seen in a while.
The market is up 36%, but inventory has dropped almost 12% at the same time. There are currently 21,703 homes active on the MLS today. The average list price is up 8.8% to $381,000 and the average sale price is up 9.5% to $316,400.
One of the most fascinating things I found was when looking at this year’s numbers compared to the numbers from the past 18 years. Back in 2001, the average price in the valley was $175,900. In 2007, the market roared to a peak of $345,900 before crashing and bottoming out in 2009 at $159,080. We’ve made a significant rebound since. Today, the average price is $316,365.
People who bought at the peak are close to being back where they were. People who bought 17 years ago have more than doubled their money, as have the people who bought at the bottom of the market.
As an added note, I’ve seen more cranes in the sky in the Phoenix than I have in the last 10 years. High-rises, hotels, and more are being built all around the Valley, which is great news for our economy and ultimately, our market.
I hope your market is doing well. If you have any questions for me at all about the latest numbers or about the business in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.