2014 is beginning quite differently than 2013 did. 2013 entered as an overheated seller’s market –with inventory unusually low and properties coming to market at one of the lowest rates in history. Fast forward to 2014 and we find a very different market. Only a few geographic areas in the valley are still in a seller’s market (i.e. a market where demand exceeds supply) while most are in a buyer’s market. Knowing the market in which you are attempting to buy will guide you on how best to negotiate – can you demand price flexibility or should you expect to pay “market value†or more?! Here are the markets currently by area:
The following are still in a seller’s market: Sun Lakes, Sun City West, Anthem, and Paradise Valley.
The following are in the balanced zone: Chandler, Glendale, Scottsdale, Litchfield Park, Arizona City, Avondale, Mesa, Sun City, Apache Junction, Cave Creek, El Mirage, Phoenix.
The following are in a buyer’s market: Peoria, Tolleson, Tempe, Fountain Hills, Gilbert, Goodyear, Laveen, Gold Canyon, Surprise, Casa Grande, Buckeye, Maricopa, Queen Creek & San Tan Valley.
As always, there are variances in individual neighborhoods, as well as price brackets. A Realtor provided supply / Demand Analysis will show which is which.