West Valley Housing Market Alert: Sales Slow/Inventory Soars
The West Valley real estate market is experiencing a slowdown across most communities. As your trusted Arizona Realtor specializing in the West Valley, I'm here to break down the latest September 2024 data for you.
Market Overview: A Perfect Storm
Factors that are contributing to the slowdown in sales:
Rising Interest Rates: After a brief dip, rates are creeping up again, causing potential buyers to hesitate.
Persistent Heat: Triple-digit temperatures continue to dampen enthusiasm for house hunting.
Election Uncertainty: The upcoming election is creating a sense of unease among potential buyers and sellers.
Community Highlights
Verrado (Buckeye)
Average Sale Price: $570,993, Homes Sold: 31 in September (same as August), Current Inventory: 119 homes (4.5 months), New Construction: 33% of active listings are new builds, Average Days on Market: 96 days (slightly decreased), Most Popular Price Range: $400,000-$499,000
Victory (Verrado, 55+ Active Adult)
Average Sale Price: $679,000, Homes Sold: 9 (3 new construction, 6 resales), Active Listings: 42 (inventory has doubled since last month), Average Days on Market: Over 160 days, New Inventory: The increase in inventory is largely due to K Hovnanian releasing new phases of villas and cottages, Sales Speed: Only one home sold in under 10 days; others took over 99 days. This market trend favors buyers, making it essential for sellers to price competitively and ensure their homes are well-presented.
Vistancia (Peoria, All Ages)
Average Sale Price: $660,953, Homes Sold: 22 (same as previous two months), Active Listings: 98 (up from 76 in August), Months of Inventory: 4.5, Key Insights: 22 of the Active Listings are new builds, 40% under $600k, 33% between $600k-$900k, 24% over $900k
Trilogy (Vistancia, 55+ Active Adult)
Average Sale Price: $840,280, Homes Sold: Only 5, Active Listings: 68 (up from 45 in August), Months of Inventory: Just over 4 months, Key Insights: The 5 homes that sold were highly upgraded, 3 had pools, 1 was on the golf course. Buyers are seeking turn-key homes that don’t require additional work.
Estrella Mountain Ranch (Goodyear, All Ages)
Average Sale Price: $627,218, Homes Sold: 24 (6 new builds, rest resales), Active Listings: 117, Average Days on Market: 76 days, Highlights: Sales have decreased from August when 29 sold, and the sweet spot remains in the $400-$499k price range, with 40% of sales occurring in this bracket.
Canta Mia (Estrella Mountain Ranch, 55+)
Average Sale Price: $476,527, Active Listings: 31 (up from 19 in August), Homes Sold: Only 3 (2 resales), Average Days on Market: 131 days. Key Insights: Year-to-date sales show only 51 homes closed compared to Trilogy's 125, Victory's 104, and Pebble Creek’s 232. The market here has been notably slow this year, emphasizing the need for sellers to enhance their home’s appeal.
Pebble Creek (Goodyear, 55+)
Average Sale Price: $543,859, Active Listings: 69 (2.83 months of inventory), Homes Sold: 12 (down from 24 in August), Average Days on Market: 64 (lowest in the West Valley) Key Insights: Low inventory and shorter market times are benefiting Sellers, and there are still lots of affordable options available for Buyers.
Sterling Grove
Average Sale Price: $836,321, Active Listings: 39 (20 new builds), Homes Sold: 5 (3 new builds, 2 resales), Average Days on Market: 62, Year-to-Date Sales: 46 Key Insights: Sterling Grove is a higher-end community (residents are required to have a minimum of a social membership which is $5k) Experiencing a slower market similar to other West Valley communities, but still maintaining relatively high average sale prices.
What This Means for You
Buyers: Enjoy a wide selection of homes and potential bargaining power. Sellers: Prepare for longer selling times and ensure your home stands out with upgrades and professional staging. The West Valley real estate market is evolving rapidly. Whether you're looking to buy or sell, staying informed is crucial. For personalized advice and up-to-date market insights, contact Michelle Seymour, your West Valley real estate expert.
