West Valley AZ: October 2024 Housing Market Trends
Welcome to the October 2024 housing market update for the West Valley of Arizona! As your local Buckeye, Arizona real estate expert, I'm here to break down the latest trends in our top 5 master-planned communities. This month, we've seen some interesting shifts in sales, inventory, and pricing that you'll want to know about if you're considering buying or selling in our area.
Market Overview
October brought some changes to our local housing market:
Sales improved slightly compared to September's slow performance
Average sale prices DECREASED in most communities
Inventory continued to increase in most areas
Interest rates remain close to 7%
Lower-priced homes continue to drive sales across communities
New builds with incentives are attracting buyers, impacting resale market
A noteworthy trend: The average age of homebuyers is now 56, with first-time buyers typically around 38. The share of first-time buyers is at its lowest since tracking began in 1981, highlighting ongoing affordability challenges.
Community Updates
Verrado (All Ages)
Average Sale Price: Decreased from $570,993 to $564,666
Inventory: Increased from 4.5 to 4.8 months (109 active listings)
Average Days on Market: 110 days
Sales: 21 homes sold (down from 31 in September)
66% of sales were under $600,000
Verrado Victory (55+)
Average Sale Price: Decreased from $680,000 to $650,000
Sales: 5 homes sold (down from 10 in September)
Inventory: Steady at just over 4 months (51 active listings)
Average Days on Market: 61 days (down from September)
Vistancia (All Ages)
Average Sale Price: Decreased from $660,953 to $643,206
Sales: 19 homes sold (up from 16 in September)
Inventory: Just under 5 months (99 active listings)
Average Days on Market: 82 days
Vistancia Trilogy (55+)
Average Sale Price: Significant decrease from $840,280 to $672,188
Sales: 12 homes sold (up from 5 in September)
Inventory: Increased to almost 6 months (74 active listings)
Average Days on Market: 77 days
Estrella Mountain Ranch (All Ages)
Average Sale Price: Decreased from $627,000 to $567,000
Sales: 28 homes sold (up from 24 in September)
Inventory: Stable at just over 4.5 months (127 active listings)
Average Days on Market: 95 days
Estrella Mountain Ranch - Canta Mia (55+)
Average Sale Price: Slight increase to $494,775
Sales: 3 homes sold (same as September)
Inventory: Increased to just under 6.5 months (39 active listings)
Average Days on Market: 82 days
Pebble Creek (55+)
Average Sale Price: Increased from $543,859 to $585,470
Sales: 14 homes sold
Inventory: Just over 3 months (84 active listings)
Average Days on Market: Not specified
Sterling Grove (All Ages and 55+)
Average Sale Price: $687,426
Sales: 7 homes sold (up from 5 in September)
Inventory: 9 months (41 active listings)
Average Days on Market: 164 days
Conclusion
The October housing market in the West Valley shows a mixed picture with slight improvements in sales but continued pressure on prices. For buyers, this market offers more choices and potential for negotiations. Sellers should be prepared for longer selling times and consider competitive pricing strategies. Whether you're looking to buy or sell in our beautiful West Valley communities, now is a great time to explore your options. For more detailed information on specific neighborhoods or to discuss your real estate needs, don't hesitate to reach out. Stay tuned for our next market update, and remember to check out our community spotlight videos on YouTube for more in-depth looks at what each area has to offer!
