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Market Update
January 2017

FROM MICHAEL ORR AT THE CROMFORD REPORT
THE PHOENIX AREA LEADING EXPERT ON REAL ESTATE ANALYSIS.



2016 Sales up 7% over 2015 | 2016 Median Sales Price 7.7% Higher than 2015


For Buyers:

It's been good news/bad news for buyers under $300,000. The good news is their homes have appreciated nicely over the past year. The bad news, finding move-in ready homes and winning the bid was more stressful and competitive than many expected. Especially for single family homes under $200,000. (Yes, they do exist.)

For Sellers:

It's been a good news/bad news year for sellers over $500,000. The good news is that more buyers purchased in the higher price ranges in 2016 than in 2015. The bad news is the neighbors also noticed increased demand and listed their homes too, increasing the number of new listings on the market simultaneously. This increased supply, combined with builders getting in on the action over $250,000, created a more competitive and balanced market and put price increases in check.