Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for April 2018.
Snapshot of Tempe’s Real Estate Market Statistics for April 2018.
The number of new listings in Tempe for April was 266 down 1.5% from March. New contracts increased by 2.3% to 262. We saw 211 home sales completed in January up 8.2% from March. Median sales price was $271,000 down 2.9%. There were 292 active listing in Tempe with the average days on market of 49. The average sold price to list price was 97.4% down by .2% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, understand that inventory levels increased by 15.87% while sales volume also increased by 8.2% from the prior month. For April, we had an average number of days on market of 49, down 12 days from the prior March. We currently have 1.38 months of inventory available for Sale which is basically flat to last month. This shows a continued strong seller’s market as compared to last month’s 1.29 months of inventory. If priced correctly, sellers can expect to sell in less than the average 72 days on market we saw in December. 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 97.4% down by .2% from March. We also saw the median price drop to $271,000 a 2.9% decrease from March.
What does this mean if you are a buyer?
For buyers, a inventory of 1.38 months (compared to 1.29 months in March) still shows that Tempe remains in a strong 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 and 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 Tempe 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 Tempe homes by price and Type:
Below are all the Homes available in the city of Tempe by Dollar amount and type: