Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for December 2017 .
Snapshot of Tempe’s Real Estate Market Statistics for December 2017.
Tempe currently has 257 homes for sale, compared with 308 at the end of November. New contracts for December were 168, which is down from November’s 199 homes. This is typical for the month of December when many people stop house hunting due to the holidays. Closed sales increased from 164 in November to 182 in December. This reflects homes that went under contract in November. The average number of days homes were on the market increased slightly from 55 days in November to 66 days in December. The sales to list price for Tempe decreased slightly from 96.8% in November to 96.1% for December.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
As a seller, we saw fewer new listings coming on the market in December. This is typical as many sellers do not what to have their home on the market during the holidays. The holidays are also reflected in fewer homes going under contract in December. The good news is the closed homes in December increased from 164 in November to 182 in December. The Tempe market continues to be a seller’s market with less than 2 months of inventory available. The real estate industry considers less than 3 months of inventory to be a seller’s market. The list to sales price decreased slightly from 96.8% to 96.1%. The great news for sellers is that November’s Median sold price was $251,500, while December’s increased to $275,000. While this is a seller’s market, buyers are carefully evaluating the homes they are willing to purchase and are not willing to overpay. We still see homes that expire or cancel even in a seller’s market. This reflects the seller’s not willing to price their home realistically for the market.
What does this mean if you are a buyer?
If you were a buyer in December, you had fewer homes to choose from as many sellers take their house off the market for the holidays to delay putting them on the market until after January 1. The median sales prices jumped by $23,500. The average list to sales price dropped by .7%. Sellers are still averaging 96.1% of asking price. Since this is an average, we know many houses went under contract with multiple offers the first few days on the market and sold over list price. Buyers need to have their agent look at comps for homes they are considering an offer. This is a competitive 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 in Tempe. Also below the pictures, you will see a Table for all prices and types of listings:
Below are all the Homes available in the city of Tempe by Dollar amount and type: