Here’s a look at the Metro Phoenix Real Estate Market Report for August 2018. According to the statistics released by the Arizona Regional Multiple Listing Service, the median sale price of homes is 8.53 percent higher this year over last. Let’s take a closer look at the Metro Phoenix market trends.
A Look at Housing Stats
The month of July ended with a total of 7,540 residential properties sold. The number shows an increase of 7.6 percent from the 7,010 homes sold this same month in 2017. The median sale price for homes sold in Metro Phoenix during the month of July was $273,500. This amount is 8.53 percent higher than last year’s $252,000. The median listing price was $354,900, which shows a 5.97 percent increase from the $334,900 in July 2017.
What Does this Data Mean?
August began with 14,694 active listings with no offers. This number shows a decrease of 11.6 percent from the 16,615 seen in 2017. There were 5,985 pending listings in Metro Phoenix at the end of July. This number is 11.3 percent down from last year at this time. This data shows that there is just over a 2-month supply of inventory for this area. The area would need a 6-month supply for the real estate market to be considered balanced.
What does this mean if you’re buying a house in Metro Phoenix?
There were 7,831 new properties added to the real estate market in Metro Phoenix last month. This number is up 1.5 percent from the 7,715 that were added in July 2017. With the current inventory, buyers may find the competition is strong when it comes to finding the home of their dreams. How can you get the edge?
We suggest that you sign up to receive free alerts when a new home hits the market. You can save specific searches that factor in the criteria you find important when searching for a home. When a new home is listed that meets your search criteria, you’ll receive an email notification.
What does this mean if you’re selling a house in Metro Phoenix?
There’s good news for sellers in the Metro Phoenix area. August began with the median days a home stays on the market at 37 days. This is a decrease of 9.76 percent from the 41 days recorded last year at this time. While that’s one thing working in your favor, you want to make sure you’re also pricing your home correctly to sell.
We suggest that you get an idea of your home’s current value by using the home valuation calculator available here. This instant estimate will give you some insight that can help when setting your asking price. Of course, we’ll work closely with you to create a marketing plan that gets your listing to as many potential buyers as possible. Give us a call!
Metro Phoenix Homes for Sale
Wondering what your home is worth? Find out instantly with our 15-second home value calculator.
Here are the most recent home listings just added to the database in the median sale price range for Metro Phoenix. All homes here are priced at $273,500 or less.