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Market Update
October 2017

FROM MICHAEL ORR AT THE CROMFORD REPORT
THE PHOENIX AREA LEADING EXPERT ON REAL ESTATE ANALYSIS.


3rd Quarter MLS Sales Up Only 2% Over 2016 | High End MLS Sales Over $600K Up 27%

For Buyers:

The median home size sold through the MLS this year is 1,774 square feet. Interestingly, this measure has not fluctuated more than a couple square feet up or down since 2015. Considering the increasing cost per square foot, the fact that the median sized home sold has not fluctuated much means that buyers are willing to pay more for the right sized home if they have the choice. For buyers with less flexibility on price, the cost of waiting comes in the form of sacrificing extra closet space, work space, or even a bedroom. Last year, the median home size for buyers in the $150K-$175K price range was 1,470sf. This year it's only 1,380sf, a difference of 90 square feet.

For Sellers: