Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for December 2018.
Below is a snapshot of December’s Real Estate Market Statistics for Tempe AZ:
The number of new listings in Tempe for December 2018 was 129 down 16.2% from November. New contracts also decreased by 6.4% to 161. We saw 158 home sales completed in December up 5.3% from November. Median sales price was $281,500 up 3.9% from November. There were 296 active listing in Tempe with the average days on market of 68. The average sold price to list price was 95.7% down by .3% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels dropped by 12.7% while sales volume increased by 5.3% from the prior month. We currently have 1.87 months of inventory available for Sale down by 17.3% from November showing a strengthening in the seller’s market. Last month we were at 2.26 months of inventory. If priced correctly, sellers can expect to sell in less than the average 68 days on the 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 95.7% down by .3% from November. We also saw the median price of $281,500 increase by 3.9% from November.
What does this mean if you are a buyer?
For buyers, an inventory of 2.55 months (compared to 2.07 months in December) is welcome news since this indicates we are moving to a more balanced market. Sellers continue to have a slight advantage since there are fewer 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: