2014 is beginning quite differently than 2013 did. 2013 entered as an overheated sellerâ€™s market â€“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 sellerâ€™s market (i.e. a market where demand exceeds supply) while most are in a buyerâ€™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 â€œmarket valueâ€ 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.