Real Estate Market Statistics May 2014 – Phoenix, Arizona
Monthly Home Sales for Phoenix, Arizona May 2014
Homes sales in the Phoenix area are down, predictably, year over year. This continues to signify a lower buyer demand for homes in the Valley.
New inventory for resale homes
New inventory for resale homes is down and should start to flatten out as we move closer to summer.
Total inventory for resale homes
Total inventory for resale homes remains flat month over month, up almost 50% year over year.
Active inventory vs. homes under contract (UCB)
Months supply of inventory
New list prices
Sales Price Forecast
While home buying demand is still down, we are seeing fewer and fewer distressed sales each month. This is a great indication of the real estate market getting healthier overall. 90% of homes sold in the Valley are normal sales.
Average days on the market
We are seeing what appears to be a balancing of the market, with monthly supply staying under 4 months and days on market flattening out.
Buyer demand continues to be a question mark in the current real estate market. There is definitely potential for a greater influx of home buyers:
- Retiring baby boomers
- Boomerang buyers (buyers with a previous short sale or foreclosure)
- First time home buyers
We can only wait and see what factors will come into play that will help these potential buyers to decide to enter the real estate market and purchase a home.