This month has been interesting for home values. In Queen Creek, the inventory of homes for sale has climbed every single month. May, 2014 is no exception. This is a really bad sign for the future of home values. But San Tan Heights is the exception. The last two months the inventory of homes for sale has declined as shown in the first graph below (the red line). This is a great sign for positive home values, but be mindful of the overall trend line which shows more and more homes coming on the market.
If the overall trend continues then this will be a buyers market by the end of the summer all the way through the holidays. If you are thinking about selling your home, then this may be your best chance before the holidays hit. Look at the black line in the 2nd graph which shows that prices dropped an average of $25,000 during the past holidays… Ouch!
If you aren’t ready to sell then you may want to wait until next spring.
Below are the same market stats but for last year this time.
Notice how the first graph shows the inventory of homes falling almost 50%. That resulted in San Tan Heights home prices increasing as much as $45,000 on average over the period of about a year. That is insane and shows how much the “inventory” of homes for sale effects prices. If you want the most for your home… timing is essential and can be the difference in you pocketing tens of thousands of dollars or not. For more information about market trends, contact me at the number on the top right of this page, or click the number to fill out the web form. – Charles Cotter