Weekly Real Estate Market Update

Weekly Real Estate Market Update for Surprise, AZ (07-05-2024)

**Date: July 5, 2024**

As we enter the first week of July, the real estate market in Surprise, AZ continues to show interesting trends. Currently, the median list price for homes in Surprise is $488,250. This figure represents a steady market as the inventory holds firm at around 804 properties.

Market Action Index (MAI)

The Market Action Index (MAI), a critical indicator of real estate market activity, is currently at 37. This is a slight decline from last month’s MAI of 38. The MAI provides valuable insight into whether the market favors buyers or sellers. Typically, an MAI above 30 indicates a seller’s market, while an MAI below 30 suggests a buyer’s market.

Despite the slight decrease, the MAI remains in the seller’s zone, suggesting that the market still holds potential for those looking to sell. However, the gradual cooling of the market over recent months indicates a plateau in prices.

Inventory Levels

Inventory has remained consistent, hovering around 804 homes. A stable inventory level is crucial for maintaining market balance. It suggests that the number of homes being listed matches the number being sold, preventing drastic fluctuations in supply and demand.

Market Trends and Predictions

The cooling trend in the market, characterized by the gradual decline in the MAI and the plateauing of prices, is worth noting. For sellers, the current environment remains favorable, but it’s essential to stay informed about potential shifts. If the MAI starts to rise again, indicating increased market activity, we can expect prices to climb in response. Conversely, if the MAI continues to fall and eventually drops into the buyer’s zone, downward pressure on prices is likely.

Buyers and sellers alike should keep a close watch on the MAI. Changes in this index can signal shifts in market dynamics that could impact buying or selling strategies. For buyers, a lower MAI could mean more negotiating power and potential price reductions. For sellers, maintaining awareness of these trends is critical to timing the market for maximum advantage.

Conclusion

The real estate market in Surprise, AZ, is currently stable, with a median list price of $488,250 and an MAI of 37. While inventory levels remain steady at 804 homes, the market shows signs of cooling. For now, the market still favors sellers, but keeping an eye on the MAI is essential for anticipating future price movements.

Both buyers and sellers should stay informed and consult with real estate professionals to navigate the market effectively. As always, understanding the local market trends and indicators will provide the best chance for success in your real estate endeavors.

For more detailed market insights and to stay updated on future trends, you can refer to the Altos Research Report.

If you have any specific real estate needs or questions, feel free to reach out. Whether you’re looking to buy, sell, or just stay informed about the market, we’re here to help you make the best decisions for your real estate goals.

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Have an Awesome, Blessed and Favorable Day 😀

-Mike

About the Author
mike@shebangrealty.com
Christian, Husband, Father & USAF Veteran IL -> AZ 🌵