Before we get into the Phoenix Real Estate Market Report August 2019, I have commentary written by Tina Tamboer, the Senior Housing Analyst with the Cromford report. She was nice enough to let us use her summary of the Greater Phoenix Metro area as a backdrop for what is happening in Phoenix this month. Here is her commentary……
- The Greater Phoenix Metro Summary Analysis
- Below is a snapshot of Phoenix’s Real Estate Market Statistics for July 2019.
- A look at Phoenix’s current Sales Price.
- What does this mean if you are a Seller or a Buyer?
- Homes For Sale in Phoenix AZ
- Below you will see the links for the other cities in the East Valley:
The Greater Phoenix Metro Summary Analysis
Lowest Number of New Listings posted in the last 18 years
Contracts in Escrow UP over 15%!
It’s slim pickings for buyers in Greater Phoenix these days unless your budget is over $500,000. Overall supply is 14% lower than last August while contracts in escrow are 15.5% higher! There are a plethora of zip codes considered “frenzies”, where there are literally more properties under contract than are active for sale; all of them with an average sale price below $400,000. This is unusual for August, which is typically a much softer month. Buyers will have a slightly easier time in more expensive areas such as Central Phoenix, Ahwatukee, South Tempe and the Northeast Valley, but not much unless they’re willing to go further out or increase their budget. Any projections of prices flattening out or coming down in Greater Phoenix this year have been obliterated.
As supply plummets, fewer sellers are deciding to sell. July was the lowest month for brand new listings going all the way back to the year 2001. That’s significant because the population today is 50% larger and the number of housing units is 63% higher than it was 18 years ago. 19% of all MLS sales and 26% of sales between $100K and $250K sold over asking price last July. Coincidentally (or not), 32% of sales within that same price range still included some form of seller-paid closing cost assistance. Despite the frenzy market, the annual appreciation rate for Greater Phoenix is just 6.4% and sales between $225K-$500K are clocking 3.5-4.0% on average. This may seem surprising given the widening gap between supply and demand; but appraisers remain conservative in their valuations and with at least 80% of buyers needing a loan, they’re riding the brakes on runaway appreciation thus far.
Below you will find the statistical breakdown for the Phoenix area Real Estate Market Report August 2019 ( with July 2019 data).
Below is a snapshot of Phoenix’s Real Estate Market Statistics for July 2019.
A look at Phoenix’s current Sales Price.
In July, Phoenix’s Median Sales Price was $257,500 as compared to June’s $250,000 an increase of 3%. Currently, the YTD average Median price in Chandler is $253,900. As you would expect, with fewer homes on the market in recent months, the sales prices are increasing.
What does this mean if you are a Seller or a Buyer?
As the chart above shows, Inventory in Phoenix is at 1.4 months. This measurement has been decreasing over the last few months. This means the Seller has the advantage due to such a low number of Homes on the Market. Buyers will have to look to make offers that are competitive in price along with as few contingencies as possible. Buyers should be ready to react quickly when they see a home they want to place an offer on so to beat out the competition.
If you would like to see specific homes as they come on the market, click here to get email updates.
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:
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