Litchfield Park Single-Family Home Prices Coming Off Of 2-Year Plateau

Single-family home prices in Litchfield Park have taken a breather in the last 30 days.

The average sales price for the community is $367,000 this week, down from a peak of $415,000 at the beginning of this year. The chart above is a 3-year graph.

Litchfield Park real estate statistics

Average days-on-market for detached single-family homes in Litchfield Park so far in 2017 is 97 days. Available housing supply for sale, which appears to have bottomed in July, has begun to rise, which could be pressing the DOM number higher.

It is notable that the sample size is not large in Litchfield Park. In all of 2016, there were only 601 recorded MLS sales of single-family homes. That’s an average of only 50 sold transactions per month. With a sample this small, it is possible that a few smaller sales have temporarily skewed the average sales price down.

There are 120 active single-family listings in the community on the market today ranging in price from $213,000 to $1,799,000. The average asking price is $442,109.

In Phoenix, our Q3 is usually busier than the slow summer months. If the average sales price in Litchfield Park doesn’t immediately recover in the coming months, this trend will solidify.

At present, sellers in Litchfield Park receive 96.73% of their asking price, on average. This is calculated from the asking price at the time of the offer. It is not necessarily the original asking price.

Litchfield Park History

The community known today as Litchfield Park began in 1916 as a 16,000-acre farm for the Goodyear Tire & Rubber Company of Akron, Ohio. After German U-boats in the North Atlantic blocked supplies of Egyptian cotton needed for American tires, U.S. manufacturers looked to Arizona to grow the requisite long-staple cotton during wartime. Paul Litchfield was the Goodyear executive who founded the project in Phoenix’s west Valley over a century ago. The town was officially named Litchfield Park in 1926.

There’s a catharsis in cutting down trees. But there’s absolutely none of that in picking cotton. It’s maddening! It’s fiddly, and it pricks your fingers, and it’s something that’s a very hard skill if you have no alacrity for it. – Chiwetel Ejiofor, British actor who portrayed Solomon Northup in 12 Years a Slave, and was appointed Officer of the Order of the British Empire by Queen Elizabeth II