State of the Market Feb 2019

At this time of year I like to give an update on the state of the real estate market. The media has been stating that there may be a bubble, however, the current market is in a very different state today than back in 2004-2005 which lead to the crash in 2007. Here are the current facts for our local market:

The Phoenix job market no longer just depends on construction and tourism, and is more diverse with increases in healthcare, tech, engineering, and finance. The jobless rate is low at 3.4% for the metro area, and the average annual earnings are $66,000 now vs. $39,000 in 2007. Another difference is in new construction. Housing starts are down 4.2%, meaning that the builders are building homes for owner occupancy, not over building for speculation. Rental rates have jumped and now average $1,495 a month. Phoenix metro is growing with inbound relocation, most coming from southern California.

More Highlights for 2018;

  •          New home prices increased 24%
  •          Resale home appreciation 8.2% – metro Phoenix
  •          Resale home appreciation 7.1% – Chandler
  •          Average price per square foot $168 – Chandler
  •          Median sales price $383,000 – Chandler

The 2019 predictions are that we are still in a Seller’s Market. However, that market segment is slowing, so expect longer days on market and lower appreciation rates this year. Of course, the most sales will take place between now and April, so now is the time to consider listing your home in order to sell at the highest price as well as make a purchase with the largest amount of homes to choose from.

The only constant in real estate is change as they say. The market ebbs and flows, so if you are thinking about making a move in 2019, I would love the opportunity to work with you for buying, selling, or investing. Our team is here to serve you for all of you real estate needs, call us today at 480-355-8645.

About the Author
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Gina is an Associate Broker with RE/MAX Fine Properties and the Team Leader for The Gina McKinley Group. She is dedicated to selling homes in Arizona and passionate about providing the ultimate customer service experience through her expertise in the field. Gina received her real estate license in 1998 and has worked hard to service her clients by obtaining the designations and special education of Certified Distressed Property Expert, Certified Residential Specialist, Accredited Buyers Representative, Certified Investor Agent Specialist, and the Short Sale & Foreclosure Resource Specialist. She has been recognized by RE/MAX International with the prestigious Life Time Achievement Award, the highest level awarded by RE/MAX. Gina has also been named "Top 1%" in the State of Arizona by Real Trends. Gina's real estate, marketing and business knowledge, experience, and contacts ensure that you will receive a world class customer experience when you work with the The Gina McKinley Group to help you buy your new home, an investment home, handle your property management or sell your current one.

Gina's personal time is spent with her family, Dan, Jeffrey, & Kristin. She is passionate about giving back to the community, serves on a housing council, and works in various fund raising activities for autism. Her hobbies include travel, fitness, gardening, and outdoor activities such as hiking, equestrian, and golf.