Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for October 2018.
Below is a snapshot of October’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for October was 2269 up 5.4% from September. New contracts also increased by .5% to 1972. We saw 1761 home sales completed in September up 4.7% from September. Median sales price was $250,000 up 2.0% from last month. There were 3996 active listing in Phoenix with the average days on market of 61. The average sold price to list price was 96.1% up by .3% from September.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels were up 6.1% while sales volume also increased by 4.7% from the prior month. However average months of inventory remained flat (September 2.24 vs October 2.27). This continues to show that we remain in a sellers market. If priced correctly, sellers can expect to sell in less than the average 61 days on market we saw in September. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For October, we saw the list to contract price of 96.1% up by .3% from September. We also saw the median price increase by 2.0% to $250,000.
What does this mean if you are a buyer?
For buyers, a inventory of 2.27 months (compared to 2.24 months in September) indicates that we are still in a 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. Because 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 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: