Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for February 2019.
Below is a snapshot of February’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for February was 2146 down 10.2% from January. New contracts increased by 6.6% to 2209. We saw 1514 home sales completed in February up 19.1% from January. Median sales price was $248,725 down 1.7% from January. There were 4094 active listing in Phoenix with the average days on market of 69. The average sold price to list price was 96.2% up by .4% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
We were expecting that more inventory would be coming on the market as sales slowed slightly, however, sales volume increased by 19% thus driving months of inventory available down by 16.9% to 2.7 months of inventory. . This shows us moving back into a sellers market. If priced correctly, sellers can expect to sell in less than the average 69 days on market we saw in January if this trend continues. 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 96.2% up by .4% from January. We also saw the median price drop to $248,725 a 1.7% decrease from January.
What does this mean if you are a buyer?
For buyers, a inventory of 2.70 months (compared to 3.25 months in January) is unexpected news since this indicates we are moving back into a sellers market when the expectation was just the opposite. Sellers 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 or making alow 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: