Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for September 2018.
Below is a snapshot of September’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for January was 2153 down 7.8% from August. In addition, new contracts also decreased by 13.4% to 1963. We saw 1682 home sales completed in September down 17.3% from August. Median sales price was $245,000 down 1.0% from August. There were 3764 active listing in Phoenix with the average days on market of 62. The average sold price to list price was 96.8% 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, inventory levels of 2.24 increased by 27% from last months 1.76. We are still in a seller’s market, but, with inventory levels increasing and us approaching the fall, we will have to see if this trend continues next month. If you are considering a sale on your home, you may want to act now while we are still in a fairly strong sellers market. If priced correctly, sellers can expect to sell in less than the average 62 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 September, we saw the list to contract price of 96.8% up by .1% from August. We also saw the median price $245,000 drop by 1.0% from last month.
What does this mean if you are a buyer?
For buyers, a inventory of 2.24 months (compared to 1.76 months in August) is welcome news since this indicates we may be moving to a more balanced 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. Historically inventory levels increase in April and October, so we do expect the inventory trend of an an increase to continue. Buyers need 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.
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: