Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for November 2018.
Below is a snapshot of November’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for November was 1912 down 15.7% from October. New contracts also decreased by 8.8% to 1799. We saw 1541 home sales completed in November down 12.5% from October. Median sales price was $250,000 flat to prior month. There were 4090 active listing in Phoenix with the average days on market of 63. The average sold price to list price was 96.3% up by .2% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels increased for the fourth month in a row to 2.65 months of inventory ( last month was 2.27 months). This is a sign that we are moving to a more balanced market where the number of sellers and buyers are about the same and therefore no one has a distinct advantage. If priced correctly, sellers can expect to sell close to lasts months average of 63 days. Sellers should have their agent complete a Competitive Market Analysis to determine a fair market price for the home. For November, we saw the list to contract price of 96.3% up by .2% from October. We also saw the median price of $250,000 remain flat to last month
What does this mean if you are a buyer?
For buyers, a inventory of 2.55 months (compared to 2.07 months in December) is welcome news since this indicates we are moving to a more balanced markets. Sellers continue to have a slight 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 making a low ball offer is still 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:
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: