Arizona Republic
❚ SUNDAY, FEBRUARY 25, 2018 ❚ 1R
Real Estate Home values rise for selling season
February is considered the big kick-off month for the Valley’s selling season. Prices are expected to rise because there aren’t enough houses listed. GETTY IMAGES
With fewer homes available, demand drives median price up Catherine Reagor Columnist, Arizona Republic | USA TODAY NETWORK
You might notice a few more sale signs in your neighborhood. Metro Phoenix’s home buying and selling season is in full swing. And because there aren’t enough houses listed for sale, prices are expected to rise in some Valley neighborhoods, say market watchers. February is considered the big kick-off month for the Valley’s housing market. The Waste Management Phoenix Open exposes visitors to Phoenix’s great weather when it’s freezing in the Midwest and back East. And then more people flock to the area in March for Spring Training. Families that hope to move once school ends also tend to start the process this time of year.
Selling prices may climb from last year Metro Phoenix’s median home price could climb to $250,000 this month, after hovering at about $245,000 for much of the second part of last year. That’s the forecast of The Information Market’s housing expert Tom Ruff. “Pitchers and catchers are reporting to Spring Training. It must be February, and real estate agents across the Valley know what that
means,” he said in his latest report for the Arizona Regional Multiple Listing Service. “Their selling season has begun.” He said this is the time of year where the number of listings under contract increase daily and set up sales volume for March, April, May and June. Nearly, 40 percent of all Valley home sales during 2017 were struck during those four months. Phoenix-area home sales were up almost 3 percent in January from last year’s pretty robust pace for the month.
Not enough houses priced below $400K Fewer homes for sale in metro Phoenix could drive up home prices during the next few months. There are about 17,500 listings for Valley houses now, down almost 15 percent from last year, according to the listing service. Find more on Street Scout ❚ New loan limits make Phoenix homebuying easier ❚ Iconic developer moving out of suburbs ❚ More AZ buyers with Millennial names ❚ Strong 2017 market sets bar for 2018 Layout Priority But not every Valley neighborhood will see a bump in home prices during this selling season. See VALUES, Page 2R
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