+Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for August 2018.
Below is a snapshot of August’s Real Estate Market Statistics for Phoenix AZ:
The number of new listings in Phoenix for January was 2336 up 10.2 % from July. But in addition, new contracts also increased by 2.6% to 2266. We saw 2035 home sales completed in August up .5% from July. Median sales price was $247,500 down 1.2% from prior month. There were 3672 active listing in Phoenix with the average days on market of 57. The average sold price to list price was 96.7% down by .7% from July.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels were up 2.2% while sales volume was up by .5% from the prior month. We currently have 1.80 months of inventory available for Sale basically flat to last months 1.78. This continues to shows a strong seller’s market. If priced correctly, sellers can expect to sell in less than the average 57 days on market we saw in August. 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 96.7% down by .7% from July. We also saw the median price drop by 1.2% to $247,500.
What does this mean if you are a buyer?
For buyers, a inventory level of1.80 months (compared to 1.78 months in July) shows a strong Sellers market and the seller continues 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 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: