Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for June 2018.
Below is a snapshot of June’s Real Estate Market Statistics for Tempe AZ:
The number of new listings in Tempe for June was 253 up 7.7% from May. New contracts decreased by 11.6% to 237. We saw 216 home sales completed in June down 13.6% from May. Median sales price was $289,450 down 3.5% from May. There were 298 active listing in Tempe with the average days on market of 46. The average sold price to list price was 97.2% down by .8% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
Inventory levels were up 14.1% while sales volume decreased by 13.6% from the prior month. We currently have 1.38 months of inventory available for Sale which is an increase of 33% from May. This still shows a strong seller’s market as compared to last month’s 1.04 months of inventory (just not as strong ). If priced correctly, sellers can expect to sell in less than the average 46 days on market we saw in June. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For June, we saw the list to contract price of 97.2% down by .8% from May. We also saw the median price drop to $289,450 a 3.5% decrease from May.
What does this mean if you are a buyer?
For buyers, a inventory of 1.38 months (compared to 1.04 months in May) is hopeful news since this indicates we are moving out of such a severe sellers market. However, sellers continue to have an 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 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: