Here’s a look at the Metro Phoenix Real Estate Market Report for September 2018. According to the statistics released by the Arizona Regional Multiple Listing Service, the median sale price of homes is 9.42 percent higher this year over last. Let’s take a closer look at the Metro Phoenix .
A Look at Housing Stats
The month of August ended with a total of 7,238 residential properties sold. The number shows a slight decrease of 0.1 percent from the 7,247 homes sold this same month in 2017. We’re also seeing a drop from the 7,540 sold last month.
The median sale price for homes sold in Metro Phoenix during the month of August was $273,000. This amount is 8.33 percent higher than last year’s $252,000, but this month’s price is down from the $273,500 last month. The median listing price for this month was $349,900, which shows a 4.48 percent increase from the $334,900 in August 2017.
What Does this Data Mean?
September began with 14,631 active listings with no offers. This number shows a decrease of 8.1 percent from the 15,926 seen in 2017. There were 6,536 pending listings in Metro Phoenix at the end of August. This number is 5 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 8,656 new properties added to the real estate market in Metro Phoenix last month. This number is up 1.1 percent from the 8,563 that were added in August 2017. We’re seeing an increase in the number of new listings when compared to the 7,831 recorded last month, but this is no time to drop your guard when it comes to 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?
September began with the average days a home stays on the market at 59 days. This is a decrease of 9.23 percent from the 65 days recorded last year at this time. While there are several factors that contribute to a successful home sale, you’ll want to get started on the right foot with making sure you price your home correctly.
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 $273,000 or less.