Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for March 2019.
Below is a snapshot of March’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for March was 2594 up 20.9% from February. In addition, new contracts also increased by 23.2% to 2721. We saw 1930 home sales completed in March up 27.5% from February. Median sales price was $250,000 up .5% from February. There were 4007 active listing in Phoenix with the average days on market of 70. The average sold price to list price was 96.5% up by .3% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
Inventory levels dropped dramatically from February’s 2.70 months to March’s 2.08 months. For January, we had an average number of days on market of 72, up 5 days from the prior month. This shows that the market in Phoenix is moving to a stronger sellers market. If priced correctly, sellers can expect to sell in less than the average 70 days on market we saw in March. 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 of 96.5% up by .3% from February. We also saw the median price of $250,000 show a slight increase of .5% from February.
What does this mean if you are a buyer?
For buyers, a inventory of 2.08 months (compared to 2.70 months in February) not welcome news since this indicates we are moving to a stronger sellers markets. Sellers continue to have the advantage since there are less homes available. Anything under 3 months of inventory is considered a seller’s market. So those homes that are priced right may get multiple offers. The buyer has to remain diligent about their offers. 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 or making low ball offers is not a good strategy in this 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.
Homes For Sale in Phoenix AZ:
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 Chart of all the Phoenix homes by price and Type:
Below are all the Homes available in the city of Phoenix by Dollar amount and type: