By Frank May, Real Estate Agent
As we bid welcome to the summer season, let’s also extend a warm greeting to the continuation of our robust real estate market. Indeed, the heat of the market is matching our rising temperatures, and that is definitely good news!
Last month, we witnessed a significant 10% drop in our total inventory. This month, the trend continues with another 8% decline. Concurrently, homes going under contract have spiked almost 3%. With fewer homes available and a growing pool of buyers, the stage is set for an escalation in prices.
If you thought these figures were as scorching as an August day in Phoenix, brace yourself for the even hotter numbers from zip code 85383! Homeownership in this area is like owning a golden goose, as your equity is skyrocketing. Over the past month alone, our inventory plummeted a staggering 11%, while the number of homes going under contract soared by 9.6%. Impressively, these figures outpace the entire MLS by a significant margin.
It’s no secret that the three pillars of real estate are location, location, location, and we undoubtedly hit the jackpot here in the Upper West Side! Already boasting fantastic shopping options, an array of incredible restaurants, and a tight-knit community, we are now also adding a plethora of higher-paying jobs with the new chip plant. Many of these employees are snapping up homes, and a significant proportion are opting for properties within 85383. This influx is giving our property values a notable boost.
Moreover, I’ve noticed that tasteful updates to older homes are reaping rich rewards. Buyers are willing to pay premium prices for the contemporary feel of renovated homes. If you’re contemplating a revamp of your kitchen, bathroom, flooring, or even backyard landscaping, now is an opportune time. You can either sell for top dollar post-renovation or revel in the updates until you’re ready to sell. I can’t count the number of sellers who, after sprucing up their homes for sale, expressed regret over not doing so earlier to enjoy the fruits of their labor. If you need any recommendations for reliable contractors or handyman services, I’m here to help!
While we won’t be issuing an update in July, we’ll return in August with two months’ worth of real estate news. In the meantime, if you have any queries, feel free to reach out to me at [email protected]. I’m here to provide the answers you need. Here’s wishing you a sunny and enjoyable summer!
Frank May grew up in the Valley, graduating from Northwest Christian School and Northern Arizona University. He is a real estate agent with RE/MAX Fine Properties and has been helping both buyers and sellers for over 20 years. He has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003. Learn more at mayteam.com.