Here’s a look at the Metro Phoenix Real Estate Market Report for October 2018. According to the statistics released by the Arizona Regional Multiple Listing Service, the median sale price of homes is 8.91 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 September ended with a total of 6,133 residential properties sold. The number shows a decrease of 6.1 percent from the 6,529 homes sold this same month in 2017. We’re also seeing a decrease from the 7,238 sold last month. The sharp decrease in sales is not unusual as we leave the summer months behind.
The median sale price for homes sold in Metro Phoenix during the month of September was $268,000. This amount is 7.2 percent higher than last year’s $250,000, but this month’s price is down significantly from the $273,000 last month. The median listing price for this month was $349,000, which shows a 5.79 percent increase from the $329,900 in September 2017.
What Does this Data Mean?
October began with 15,833 active listings with no offers. This number shows a decrease of 4.4 percent from the 16,565 seen in 2017. There were 3,997 pending listings in Metro Phoenix at the end of September. This number is down 36.1 percent 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 7,889 new properties added to the real estate market in Metro Phoenix last month. This number is down 6.9 percent from the 8,472 that were added in September 2017. The number of new listings to come on the market took a dip this month after the increase from last month. As we move into the last quarter of the year, you’ll want to pay close attention to new listings coming on the market when you’re buying a home.
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?
October began with the average days a home stays on the market at 61 days. This is a decrease of 6.15 percent from the 65 days recorded last year at this time. One of the goals when selling a home is to reach the closing table as quickly as possible while still receiving a good return on your investment. In order to do this, you’ll want to price your home to sell from the start so you limit the chances you’ll need to adjust during negotiations.
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
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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 $268,000 or less.