Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for May 2018.
Below is a snapshot of May’s Real Estate Market Statistics for Phoenix AZ
The number of new listings in Phoenix for May was 2561 up 3.0% from April 2018. New contracts were down by 4.3% to 2529. We saw 2330 home sales completed in May up 8.9% from April. Median sales price was $250,000 up 2.0% from April. There were 3481 active listing in Phoenix with the average days on market of 58. The average sold price to list price was 97.4% up by .1% 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 were up 2% while sales volume increased by 8.9% from the prior month. For May, we had an average number of days on market of 58, down 2 days from the prior month. We currently have 1.49 months of inventory available for Sale which is a decrease of .1% from April. This shows a stronger seller’s market as compared to last month’s 1.59 months of inventory. If priced correctly, sellers can expect to sell in less than the average 58 days on market we saw in April. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For May, we saw the list to contract price of 97.4% up by .1% from April. We also saw the median price increase to $250,000 a 2.0% increase from April.
What does this mean if you are a buyer?
For buyers, a inventory of 1.49 months (compared to 1.59 months in April) is continued troubling news since this indicates we are moving into a even stronger Sellers market. 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 or 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 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: