March 2024 has been a pivotal month for the real estate market in Buckeye, showcasing dynamic shifts in property listings, sales, and market absorption rates. This report provides an in-depth analysis of the Buckeye real estate market, utilizing data sourced from the Arizona Regional Multiple Listing Service (ARMLS).
Market Overview
Active Listings: The total active listings saw a substantial increase, with 19,837 properties on the market, marking an 18.8% rise from March 2023.
Median List Price: The median list price rose to $495,000, up 5.32% from the previous year, indicating a steady appreciation in property values.
Sold Listings: Total sales exhibited a downward trend, with a decrease in sold properties compared to the previous year.
Key Market Indicators
Absorption Rate: Increased by 32.26% to 3.28 months, reflecting a faster pace at which properties are being sold in the market.
Average Sale Price: The average sale price for homes was $580,724, showing a 7.15% increase from last year, suggesting growing property values.
Days on Market (CDOM): The average cumulative days on market decreased from 76 days in the previous year to 67 days in March 2024, indicating a quicker turnover in the housing inventory.
Detailed Sales Analysis
Low-End Market: Homes priced under $100,000 saw significant activity, with increases in both the number of sales and pending listings.
Mid-Range Market: The $200,000 to $499,999 bracket experienced a decrease in sales, suggesting a potential softening or adjustment phase in this segment.
High-End Market: The luxury market (properties priced above $1,000,000) continued to perform robustly, with notable increases in sales and pending listings, highlighting sustained demand in the upper-tier market segments.
Future Outlook
The real estate market in Buckeye is characterized by its robust growth in list and sale prices coupled with a faster absorption rate, which points to a healthy and active market. The increase in average and median prices across the board, combined with shorter days on market, suggests that the market will likely remain competitive in the coming months.
Conclusion
As we move further into 2024, the Buckeye real estate market is poised for continued growth, driven by strong demand across various price segments. Potential buyers should be prepared for competitive conditions, especially in mid-range and luxury markets, while sellers might find it an opportune time to list properties due to rising prices and quick sales cycles.
Data Verification and Source Reliability
This report is based on ARMLS data as of March 2024. This analysis aims to provide you with a comprehensive overview of the Buckeye real estate market, offering insights that can assist in making informed decisions related to buying, selling, or investing in real estate in the region.
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