Real Estate Market Statistics April 2014 – Phoenix, Arizona
Monthly home sales for Phoenix, Arizona April 2014
As predicted last month, the sales for resale real estate increased in March by close to 23% month over month. Year over year numbers are down by about 18%, which is also in line with last months numbers. We should see a decent increase in monthly sales again next month.
New inventory for resale homes
New inventory for resale homes continues to follow predictable trends for this time of year. 10,557 new resale homes came on the market for the month, representing an 8.8% month over month and year over year increase.
Total inventory for resale homes
29,939 total homes were on the market in Phoenix at the time of this publication. We’ll be able to see more in the coming months, as to how the total inventory increase plays out. It does appear at this point that we have a slowing of the increase in total resale inventory.
Active inventory vs. homes under contract (UCB)
Months supply of inventory
Months supply of resale home inventory has seen a slight down-tick as buying increases. This is another typical condition for this time of year.
New List Prices
As predicted last month, the average list price for resale homes has also come down a bit month over month. As days on market remain in the 80-90 range, we should continue to see slight downward pressure on new list prices.
Sales price forecast
Average days on market
As monthly sales climb, we see downward pressure on days on market.
The market seems to be acting very predictably at this time. Continued buying and slightly lower new list prices should continue to fuel a healthy real estate market for the Phoenix Metro area.