Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for February 2018.
Snapshot of Tempe’s Real Estate Market Statistics for February 2018.
The number of new listings in Tempe for February was 203 up 7.4 % from January. New contracts decrease by 8.6% to 213. We saw 181 home sales completed in February up 25.7% from January. Median sales price was $282,000 up 7.9% from January. There were 226 active listing in Chandler with the average days on market of 66. The average sold price to list price was 98.3% up by 1.6% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, understand that inventory levels remained flat while sales volume increased by 25.7% from the prior month. For February, we had an average number of days on market of 66, down 6 days from the prior month. We currently have 1.25 months of inventory available for Sale which is an decrease of 18.8% from January. This shows a very strong seller’s market as compared to last month’s 1.54 months of inventory. If priced correctly, sellers can expect to sell in less than the average 66 days on 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 February we saw the list to contract price of 98.3% up by 1.6% from January. We also saw the median price increase to $282,000 a 7.9% increase from January.
What does this mean if you are a buyer?
For buyers, a inventory of 1.25 months (compared to 1.54 months in January) is troubling news since this indicates we are moving to a even stronger Sellers markets. Sellers continue to have a big 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 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: