Tempe Real Estate Market report for January 2017.
Below are all the Homes available in the City of Tempe by Dollar amount and type:
Navigate this Market Report:
- January Statistics
- What does this Data Mean?
- Understanding the Data if you are a Seller/Buyer
- Market Statistics for Surrounding Cities
Below is a snapshot of January’s Real Estate Market Statistics for Tempe;
The median sales price for homes in Tempe for January 2017 was $251,000. The “median” price is the middle price of all homes sold.
The average days Tempe homes were on the market in January 2017, before selling was 76 days.
The average sale to list price 95.7%. This number is helpful to understand home as sellers are pricing their home and buyers are contemplating offers. Buyers and sellers still want to pay attention to comparable homes when making and accepting offers. Typically the longer a house is on the market, we see price reductions. This often happens when sellers start too high in price, often wanting to “test” the market.
How should this Data be interpreted?
For the Tempe market at the end of January, there were 2.09 months of inventory on the market. This means that if no more houses came on the market, it would take 2.09 months for all existing inventory to sell. Since we are well under 3 months of inventory, Tempe is in a strong Seller’s market.
What does this mean if you are selling a home in Tempe?
As a seller, it means that inventory levels are down in the Tempe area in favor of sellers, inventory is down and demand is up. If priced correctly, sellers can expect to sell in less than the average 76 days on the market we saw in January. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For January, we saw the list to contract price was 95.7 %.
What does this mean if you are buying a home in Tempe?
For buyers, this means there is much competition for homes priced correctly relative to location and condition. If you are serious about an offer, have your agent provide you comparable properties to determine the best price to make your offer as strong as you can. Asking for seller concessions or making a low ball offer is not a good strategy in a seller’s market. Remember, sellers also are aware of the value of their home in this market. Their agents are keeping them aware of new homes coming on the market as well as recent sales. In this case, Sellers will probably have several offers to choose from.
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 link to additional homes in this price range: