Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for February 2018.
Snapshot of Phoenix’s Real Estate Market Statistics for February 2018.
The number of new listings in Phoenix for February was 2269 down 7.7 % from January 2018. New Contracts for the month increased slightly by 1.9% to 2427. We saw 1758 home sales completed in February up by 26.7% from January. Median sales price was $236,680 up 4.3% from January. There were 3474 active listing in Phoenix with the average days on market of 70. The average sold price to list price was 96.9% up by .5% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, understand that inventory levels decreased slightly while sales volume increased by 26.7% from the prior month. For February, we had an average number of days on market of 70, down 2 days from the prior month. We currently have 1.98 months of inventory available for Sale which is an decrease of 22.3% from December. This shows a stronger seller’s market as compared to last month’s 2.55 months of inventory. If priced correctly, sellers can expect to sell in less than the average 70 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 of 96.9% up by .5% from January. We also saw the median price move up to $236,680 a 4.3% increase from January.
What does this mean if you are a buyer?
For buyers, a inventory of 1.98 months (compared to 2.55 months in January) is not welcome news since this indicates we are moving to a stronger Sellers market. Sellers continue to have a 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 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: