Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for November 2018.
Below is a snapshot of November’s Real Estate Market Statistics for Tempe AZ:
The number of new listings in Tempe for November was 154 down 23.0% from October. In addition, new contracts also decreased by 5.5% to 172. We saw 150 home sales completed in November down 805% from October. Median sales price was $271,000 down 3.0% from October. There were 339 active listing in Tempe with the average days on market of 58. The average sold price to list price was 96.0% down by .5% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels remained flat while sales volume decreased by 8.5% from October. We currently have 2.26 months of inventory available for Sale which is flat to last months 2.21. This shows a continued seller’s market. If priced correctly, sellers can expect to sell in less than the average 58 days on market we saw in November. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For November, we saw the list to contract price of 96.0% down by .5% from October. We also saw the median price drop to $271,000 a 3.0% decrease from last month.
What does this mean if you are a buyer?
For buyers, a inventory of 2.26 months (compared to 2.21 months in October) continues to show that we remain 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. 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 Tempe:
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: