Valley home sales up: median price rises 6%

It's good news for Valley homeowners; home sales have jumped dramatically.

Demand is up, and it appears the number of homes for sale is going down.

Are we seeing the start of another housing boom?

So if you're looking to sell your home, you may now have the upper hand.

More buyers are getting into the market, and realtors see multiple offer situations, and homes are selling faster.

Strong demand has driven the median sales price in the valley up about six percent. For buyers, that means finding the right home may be more competitive.

According to Arizona State University, the increase in demand is partly driven by so-called boomerang buyers. People who have repaired their credit since the housing crash and can now qualify for a new home, but the good homes are going fast.

"If it is priced halfway decent and it is turn-key, highly upgraded with modern finishes, it is going to go quick. A matter of days at this point," said Kelly Cook.

Fewer homes are on the market too, compared to March of last year active listings are down six percent.

"Right now Chandler is on fire, Gilbert is very busy, North Phoenix is very busy right now with demand," he said.

But the biggest change is the number of homes sold. In March, single-family home sales were up 39% compared to February.

Condo and town home sales were up a whopping 59%.

Cook works with Keller Williams and says all the data looks promising for sellers, but he doesn't expect prices to rise dramatically.

"If I am giving the buyer advice, I am telling them to take their time still, because I don't think the market is going to do much appreciation up or down either way," said Cook.

The valley is still a long way from getting back to boomtime prices. In March, the median sales price was $217,000.

At the height of the housing boom, it was about $280,000.
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