We’ve seen about a ½ percent drop in mortgage rates since the beginning of the year and although that isn’t a lot, it is heading in the right direction. Our overall inventory is up over 23% since the beginning of the year and I’m keeping an eye on that vs the homes that are going under contract.
Locally we have seen a jump in inventory of 39% since January 1, which is much higher but we are also seeing the pending homes keep up with the increase of inventory. 85383 saw a much bigger jump in the average sales price month over month vs the entire MLS with 11.53% vs. 3.84%. This is great to see but since we have a smaller number of sales vs the entire MLS (117 vs. 6299) a few big sales can make our number move a lot faster. For example, our highest priced sale this last month was 3,500,000 and the month prior it was 2,050,000. I would expect the average sales price to continue to increase right now but wouldn’t expect to see another 11.53% increase next month.
We are still seeing a lot of new home building going on and if you are ever interested in prices or floorplans give me a call and I will get you some information (contact info below).
If you haven’t taken the time to check out the City of Peoria’s websites and Facebook page, I would recommend doing it. There is so much good information on what is happening in the city. One example is learning about Five North at Vistancia which is on Peoria’s Economic Development page. Five North will be 320 acres of restaurants, retail, entertainment and more! Another example is the free concert series Peoria puts on at the Peoria Center for the Performing Arts through May. Each month they have a different performance. You just have to reserve tickets through theaterworksaz on Instagram or call 623-815-7930.
If there are things about Peoria you would like to hear about in the future please contact me and let me know and I’ll do my best to write about it. You can reach me at [email protected] or call me at 623-203-1800.
I hope you are enjoying this time of year by getting outside. It won’t be quite the same in a month or two!
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.
