Phoenix and East Valley Area Real Estate Market report for March 2017.
Below are all the Homes available in the city of Phoenix by Dollar amount and type:
Navigate this Market Report:
- February Statistics
- What does this Data Mean?
- Understanding the Data if you are a Seller/Buyer
- Market Statistics for Surrounding Cities
Below is a snapshot of February’s Real Estate Market Statistics for the Metro Phoenix area;
The median price of homes sold throughout the Phoenix metro area February was $230,000, up from $225,500 in January. The “median” price is the middle price of all homes sold.
For the Phoenix Metro area, the average days on the market before a home sold was 79 days, flat with January’s 78 days. The sale price to list price for January 2017 was 96.0%, compared with February’s 96.4%, just up slightly.
Phoenix Homes for Sale by Bedrooms with Median Price:
How should this Data be interpreted?
For the Phoenix market at the end of February, there was 2.9 months of inventory available, a decrease from 3.2 in January. This means that if no more houses came on the market, it would now take 2.9 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 inventory levels are down slightly from January, but sales are up. While inventory is down slightly, demand is up. For February, we saw average days on the market of 79 days, which is flat with January’s 78 days. If priced correctly, sellers can expect to sell in less than the average 79 days on market we saw in January. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For February, we saw the list to contract price was up from 96% to 96.4%. We also saw the median price increase from $225,500 to $230,000
What does this mean if you are buying a Home in Phoenix?
For buyers, this means there is less inventory on the market to choose from, and those homes sold were sold for more money. Competition is up as we saw a higher median house price than in January. 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.
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: