The March housing report was very exciting for us. Monthly sales hit an all-time high of 9,402. Back In January, we only had 6,000 sales. Sales are up 36% from this time last year.
Our total inventory is down from last March by almost 12%. There are currently 21,703 homes on the market in the Phoenix area. We had a 9% increase in the average list price, and the average sales price is up by 9.5% as well.
Let’s take a quick look at the March numbers so far this millennium. 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.
We expect to see future growth like this in Phoenix. On a commercial level, I’m seeing more cranes in the sky near Phoenix and Tempe, which is a great sign for our economy.
If you have any questions for me about real estate or if you’re interested in buying or selling a home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.