Ahwatukee home sales running ahead of last year By Linda Berg AFN GUEST WRITER

According to the Arizona Regional MLS, the 161 home sales in Ahwatukee last month were up 3.9 percent from the 155 sold in July 2015, but down 12 percent from the 183 homes sold in June of this year. Nevertheless, total sales this year through July are 1,041, higher than the 1,006 sold in 2015 by the end of July. The median sales price last month was $285,000, up from $270,000 in July 2015 and down from $299,000 in June of this year. The average list price of all current listings is $442,998, down 2 percent from last month. The average sales price of $320,680 was up 3.9 percent from $308,747 in July 2015 and down from the $329,902 in June. The market has been fluctuating up and down for the past few months. Market time, or days on the market (DOM) is an indicator of whether we are in a buyers’ or sellers’ market. An increasing trend of DOM may indicate more of a buyers’ market, while a

downward trend may indicate a seller’s market. July’s DOM was 56, down 11.1 percent from 63 days in June and up from 45 days in July of last year. The selling price per square foot is a good indicator of the direction of property values. Median and average sales prices can be impacted by the fluctuation of high and low inventory on the market. Price per square foot is a more normalized indicator of the market’s direction. The July 2016 asking price per square foot on new listings was $163, down 1 percent from June and up 4 percent from July of last year. July’s selling price per square foot was $152, down 0.7% from the previous month and up 1.4 percent from July 2015. July’s new listing inventory decreased to 167, down 17.3 percent from 202 in June and down 13 percent from 192 in July 2015. The total inventory of properties for sale as of July 31 was 473 properties, up 9 percent from June and up 16.4 percent from July 2015. The sales price versus original listing price indicates that sellers are receiving a little less than full price for their homes. Looking at the market overall, new

listings (197) were higher than the number of sales (171). Sales decreased 12 percent in July. The MLS was carrying 473 listings in July for Ahwatukee’s three ZIP codes. The median List price for all current listings in July was $348,500, while the median sales price was $285,000. The average list price of all current listings is $442,998 while the average sales price is $320,680. The total supply of inventory has increased by 9 percent. As inventory increases and sales decline, the pricing of homes may be affected. Days on the market has decreased 11 percent, medium sales prices are down 5 percent and listing-to-sales ratios are slightly lower. Interest rates are starting to push up and demand from homebuyers for homes under $300,000 continues to be high. The biggest issue home owners are facing in this current market is appraisals. This makes it even more important to look at the entire market when pricing your home.

FAMILIES

Kitchen remodel costs could make you lose your lunch

>> From page RE 3

builds for these clients is a suite on the first floor, sometimes with a separate entrance and a kitchenette. Clients also often ask for a more detached suite with a separate walkway connecting it to the main house. And while the bulk of his customers are requesting this housing for their aging parents, he’s seeing more and more adult children return to the nest. “That certainly is a developing trend that needs to be watched,” Lemming said.

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Linda Berg is a branch manager/associate broker for Coldwell Banker and has been a Realtor since 1978. Reach her at 480-753-3122.

AFN News Service If your oven heats up to only 300 degrees and your linoleum floor is peeling at the edges, it’s a good bet that your kitchen is long overdue for a renovation. But how much does a kitchen remodel cost? According to Remodeling magazine, the average price of a minor kitchen renovation is $20,122, while a major overhaul will drain $60,000 from your bank account. Here’s more of what you can expect to pay—and, even more important, some ways to save. The biggest line items on a kitchen makeover are cabinetry (29 percent of a typical budget), appliances (14 percent), and countertops (10 percent). John Bodrozi, co-founder of the digital home management app HomeZada, breaks down the type of remodel you can expect in three price ranges: $8,000 to $15,000: Replacing existing appliances, refinishing existing cabinet doors, and resurfacing existing countertops. $25,000 to $50,000: Demolishing the kitchen but keeping main appliance and plumbing fixtures in the same location. Then adding new cabinets, appliances,

use your ingenuity to save more than a couple of dollars. Cheryl Kees Clendenon, owner of In Details Interiors, which is based in Pensacola, FL, offers these tips: Face-lift vs. gut renovation: Avoid replacing cabinets as even a midrange option can run you $3,500 to $5,500. Facelifts should be confined to painting cabinets and updating hardware and lighting. Appliance package: Unless you have unlimited funds or are a professional chef, “stick with the basics on appliances,” says Clendenon. “No one needs a six-burner

How to save on a kitchen redo

An unwritten home improvement rule is to spend 5 percent to 15 percent of your home’s total value on updating your kitchen. But that doesn’t mean you can’t

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countertops, flooring, lighting, and plumbing fixtures. $50,000 to $100,000: Same as above while also reconfiguring the appliance and plumbing fixtures as well as electrical and HVAC. A renovation this size usually means opening up the kitchen to include an eating area.

stove.” The difference in your budget could be huge. A regular appliance costs around $200, while each high-end model could set you back $900. Plan, plan, plan: Poor planning that leads to contractors twiddling their thumbs waiting for something like a sink to arrive will send you over budget. If you’re tempted to splurge anywhere, countertops are a worthwhile investment, because they can radically change “the complexion of the space, improve function, and add value,” says Clendenon. Her go-to is the nonporous Silestone, which comes in multiple color options. Midrange countertops should cost between $2,100 to $4,100. None of these expenses can be considered pocket change, of course. But you will get some of that money back later whenever you decide to sell your home, because buyers will willingly pay for your new look. In fact, you’ll earn back an average of 83 percent of the money you spend on a minor upgrade, or 65 percent for a major overhaul. In other words: You’ve got to spend money to make money on a home. And besides, who doesn’t want a brand-new fridge and sleek new countertop?

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REAL ESTATE | WEDNESDAY, AUGUST 24, 2016 | Ahwatukee Foothills News | ahwatukee.com

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