According to the November 2017 Metro Phoenix Real Estate Report there was a significant single month with a 3.9% jump in average sold price to $308,500.
Typically prices flatten or even dip during the last quarter of a year, so this bodes well for sellers in 2018. Year over year, this is a 9.6% jump in price, back to within 12% of peak 2007 values. Demand trends are also encouraging, on pace to round out the year with more MLS sales than any other year since 2011. Homes are selling at a brisk pace, still in less than two months on average, and inventory is down 6% from a year ago.
Arizona, especially Gilbert, is a hotbed for exciting tech startups and migration destination of established companies alike, bolstering our job market, population, real estate values, and future. I love talking with folks about this, and helping them to make good decisions for their family.
If you know someone thinking of buying or selling please have them contact Beery Realty!
United Brokers Group Market Analyst
Raw Data Source: ARMLS