Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for March 2019.
Below is a snapshot of March’s Real Estate Market Statistics for Tempe AZ:
The number of new listings in Tempe for March was 211 up 2.4% from February. In addition, new contracts also increased by 7.8% to 248. We saw 179 home sales completed in March up 19.3% from February. Median sales price was $300,000 up 5.1% from February. There were 278 active listing in Tempe with the average days on market of 70. The average sold price to list price was 96.8% up by .6% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, an inventory level of 1.55 months a decrease of 21% from last month shows a material drop in homes available for sale. This continues to show an increase in the seller’s market as compared to last month’s 1.95 months of inventory. If priced correctly, sellers can expect to sell in less than the average 70 days on market we saw in March. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For March, we saw the list to contract price of 96.8% up by .6% from February. We also saw the median price increase to $300,000 a 5.1% increase fro February.
What does this mean if you are a buyer?
For buyers, a inventory level of 1.55 months (compared to 1.95 months in February) not welcome news since this indicates we are moving to a stronger sellers markets. Sellers continue to have the advantage since there are less homes available for sale. 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 offer. 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 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: