Arizona Mortgage & Real Estate News ~ Maricopa County AZ Real Estate Update

The July 2017 Residential Real Estate Figures are out for Maricopa County Arizona, and we are definitely in a Seller's Market. This means the Demand for AZ Homes, far exceeds the Supply of Available AZ Homes For Sale. This Arizona Home Inventory Shortage is due to the following market conditions and statistics.

AZ RESIDENTIAL REAL ESTATE MARKET CONDITIONS

1. The cost of land has increased in AZ to the point where Residential Home Builders in Arizona cannot afford to build lower priced homes.
2. Mortgage rates are still very low, but are approximately .50% to .75% above the prior lows. So, AZ Home Sellers who plan to buy another home, have to pay more per month just to maintain their current standard of living.
3. The population in Arizona is increasing, so their are more Baby Boomers, Gen Xers and Millennials, chasing fewer AZ Homes For Sale.
4. The Cost of Rent has been steadily increasing in Arizona, due to a lack of affordable rental housing inventory.

For those Selling an AZ Home, and moving down, or moving to a more affordable geographic area, market conditions are excellent. For those Selling an AZ Home, and then Buying a more expensive AZ Home, payment shock will be an issue, hence a 5/1 or 7/1 Arm are becoming a more attractive mortgage option. For those who are currently renting in Arizona, and who want to buy their First AZ Home, the market is quite challenging, as there is a shortage of affordable housing available.

The good news for first time home-buyers is that mortgage rates, and down payment requirements are relatively low. So monthly mortgage payments are typically very similar to current monthly rent obligations.

The following Maricopa County AZ Residential Real Estate Figures were used to support the assertions above.

AZ RESIDENTIAL REAL ESTATE MARKET STATISTICS

• New Listings July 2017: 7,696 vs. July 2016: 8,823 = -12.8% Homes Listed
• Active Listings July 2017: 13,340 vs. July 2016: 21,172 = -37% Home Inventory
• Average Listing Price July 2017: $572,013 vs. July 2016: $444,644 = +28.6%
• Median Listing Price July 2017: $355,975 vs. July 2016: $295,000 = +20.7%
• Monthly Inventory July 2017: 1.6 vs. July 2016: 2.7 = -40.7% Monthly Inventory
• Average Home Sales Price July 2017: $308,956 vs. July 2016: $284,192 = +8.7%
• Median Home Sales Price July 2017: $254,000 vs. July 2016: $235,000 = +8.1%
• Multifamily Apartment Rents in Phoenix, AZ have risen 8% in the past 12 months
• Apartment Occupancy Rates in the Phoenix, AZ metro area are approximately 95%
• Maricopa County Arizona Population is currently 4.2 Million and is increasing over 81,000 people per year, or 222 People Per Day.

If you would like to Save More Money when Buying, Refinancing, or Taking Cash Out of Your AZ Home, Call Local AZ Mortgage Expert Steve Bernstein Today & Save: (480) 424-7144, Arizona Central Mortgage, azcentralmortgage.com, NMLS 1230169, Company NMLS 1443346, Equal Housing Lender.

Posted in:Arizona Mortgage & Real Estate News ~ Tagged: Arizona Mortgage, AZ Home loans, Arizona, AZ Homebuyers, Mortgage Rates, AZ Home Sellers, Posted by Steve Bernstein on August 7th, 2017 1:24 AMLeave a Comment Subscribe to this blogNew Home Sales Figures May 2017