Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for October 2018.
Below is a snapshot of October’s Real Estate Market Statistics for Tempe AZ:
The number of new listings in Tempe for October was 200 up 3.6% from September. New contracts decreased by 10.3% to 182. We saw 164 home sales completed in October down 15.0% from September. Median sales price was $279,450 down 1.9% from September. There were 363 active listing in Tempe with the average days on market of 49. The average sold price to list price was 96.5% down by .5% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels increased by 4.0% while sales volume decreased by 15.0% from the prior month. We currently have 2.21 months of inventory available for Sale a marked increase form last months 1.81. This still shows an overall strong seller’s market. It is important to look at the statistics by the zip code level since each area of Tempe perform uniquely (Homes near ASU perform differently than the rest of the area). Overall, if priced correctly, sellers can expect to sell in less than the average 49 days on market we saw in October. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For October, we saw the list to contract price of 96.5% down by .5% from September. We also saw the median price drop to $279,450 a 1.9% decrease from September.
What does this mean if you are a buyer?
For buyers, a inventory of 2.21 months (compared to 1.81 months in September) was a 22% increase in average months of inventory. Tempe still remains a sellers market, but it is wise if your looking to buy there, look at the statistics at the zip code level to see a local view since Tempe’s neighborhoods are unique (Homes near ASU perform differently than the rest of Tempe). Overall, Sellers continue to have the advantage since there are less homes available for sale. 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:
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: