Phoenix and East Valley Area Market report for April 2017.
Below are all the Homes available in the city of Phoenix by Dollar amount and type:
- Navigate this Market Report
- How should this Data be interpreted?
- What does this mean if you are selling your Home in Phoenix?
- What does this mean if you are buying a Home in Phoenix?
- Why a Look at the Phoenix Statistics is not enough
- Since we are focusing on the Market Statistics for East Valley locations, below you will see the links specifically for those cities:
Below is a snapshot of March’s Real Estate Market Statistics for the Phoenix Metro area:
For the metro Phoenix area, new listings in March 2017 were up from February 2017 by 20.4%. New contracts in March were up 18% as compared to February. Closed sales were up by 43.0 %. The median sold home price was $230,000, the same as February. The average number of days for a home to be on the market in the Phoenix metro area decreased to 75 days. The list to sold price increased to 96.6%
Phoenix Homes for Sale by Bedrooms & Median price:
How should this Data be interpreted?
For the Phoenix market at the end of March, there was 2.0 months of inventory available, a decrease from 2.9 in February. This means that if no more houses came on the market, it would now take 2.0 months for all existing inventory to sell. A key calculation Real Estate agents track is how fast the Housing Inventory is turning. When we divide the number of properties on the market by the number sold we determine how many months of inventory is available. Typically, when we are under three months of inventory this is considered a Seller’s market. This means there is more competition for homes, and homes typically sell closer to list price, and often with multiple offers. The real estate community generally considers under 3 months of inventory to indicate a seller’s market, while more than 4 months of inventory is moving towards a buyer’s market.
What does this mean if you are selling your Home in Phoenix?
As a seller, it means that current inventory levels are flat with February. but sales are up. While inventory is down slightly, demand is up. For March, we saw average days on the market of 75 days, which is down slightly from February. If priced correctly, sellers can expect to sell in less than the average 75 days on market we saw in February. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For March, we saw the list to contract price was up from 96.4% to 96.6%. We also saw the median price remain flat at $230,000.
What does this mean if you are buying a Home in Phoenix?
For buyers, this means more inventory has come on the market and it is being sold quicker than in February, and those homes sold for more money. Homes priced correctly relative to location and condition are selling closer to the original list price. If you are serious about an offer, have your agent provide you comparable properties to determine the best price for the house. Asking for seller concessions and making a low ball offer is not a good strategy in a seller’s market. Remember, sellers also know the value of their home in this market. Their agents are keeping sellers updated on recent sales and homes similar to theirs as they come on the market.
Why a Look at the Phoenix Statistics is not enough
When you look at the data for different parts of the Phoenix area (by a city, by zip code etc.) you will see dramatically different results. Each part of the Valley performs based on its own indicators and needs to be examined specifically to determine the strategy for buying a home in Phoenix or selling a home in Phoenix.
Below are Homes that have come on the Market in the last 7 Days around the Median price range. Also below the pictures, you will see a link to additional homes in this price range: