Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for December 2018.
Below is a snapshot of December’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for December was 1389 down by 27.4% from November. New contracts also decreased by 18.7% to 1462. We saw 1559 home sales completed in December an increase of 1.2% from November. The median sales price was $245,000 down 2.0% from November. There were 3910 active listing in Phoenix with the average days on market of 64. The average sold price to list price was 96.2% down by .1% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels decreased by 4.4% while sales volume increased by 1.2% from the prior month. This created a drop in the months of available inventory to 2.51 a decrease of 5.3% from November. This continues to shows us in a seller’s market, If priced correctly, sellers can expect to sell in less than the average 64 days on the market we saw in November. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For December, we saw the list to contract price of 96.2% down by .1% from November. We also saw the median price of $245,000 a drop of 2.0% from November.
What does this mean if you are a buyer?
For buyers, an inventory of 2.51 months (compared to 2.65 months in November) shows a slight strengthening in the seller’s market. Sellers continue to have an advantage since there are fewer 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 or 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.
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: