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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 is down and should start to flatten out as we move closer to summer.
Total inventory for resale homes remains flat month over month, up almost 50% year over year.
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.
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:
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.
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 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.
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.
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.
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.
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.
In the previous post, 1 Click To Instant Access, you gained direct access to the coveted “real time” sales data for the real estate market. This live information gives you the advantage over your average buyer, who regularly relies on old information from bigger “3rd party” websites.
Having the latest sales data is just the beginning and a key building block to your home purchase success.
It is critical that you put this information into perspective.
A great by-product of having this home buying and selling information at your fingertips is the fact that you can actually track it’s history. By looking at the past real estate market, you will gain greater insight on how things are today.
If you have been researching the real estate market for a while now, you might have picked up a feel for the current climate.
If you’re just now jumping into the real estate market, sometimes taking in so much information at once can feel like drinking from a fire hose. It can be very difficult to keep anything, much less the sales numbers and averages straight.
With that in mind, we have compiled all of the numbers for you and put them into easy to understand charts.
Getting to know the real estate market here in the Phoenix Metro area is very simple, now that you have us on your side.
Every month, we post the historical sales data from the Arizona Regional Multiple Listing Service right here on our site. This market report will help you understand the current real estate market climate.
Click here to see our latest installment of our monthly real estate market updates.
With our Multiple Listing Service home search tool and our monthly market statistics, you will quickly understand the reality of your real estate market.
In very little time, you’ll probably know more about the real estate market in Phoenix than many agents do!
To your success.
The Market Statistics July 2013 – Phoenix, AZ post includes real estate market statistics for the surrounding cities, which we collectively call “The Valley.” These cities include (not limited to) Chandler, Gilbert, Mesa, Phoenix, Queen Creek, San Tan Valley, Tempe and Scottsdale, Arizona.
Month over month home sales in the Valley dropped off by 12.8% from May, down to 8,228 total units. It’s very typical to see some decline in home sales this time of year as temperatures can hit the mid 110’s. More than likely we will see a little more slow down when we see the July numbers. Year over year numbers are up slightly by 1.2%.
New home inventory is also down for the month of June, as many potential sellers may have escaped the Valley for cooler weather.
Total home inventory for the Phoenix area has remained fairly flat over the past few months. Coupled with low average market times, this reflects continued buying demand.
The total number of active homes for sale that are not under contract has come in at 15,725. The total number of active homes that are under contract and accepting backups are at 3,786, which is 19% of the total actives.
The months supply of inventory of homes for sale ticked up a bit to 2.37. This figure is based on how many months it would take to deplete our inventory based on current buying demand.
Pending foreclosures continue their downward trajectory. This long term downward trend should ease many concerns about the impending shadow inventory.
Distressed Sales
Distressed home sales are also down year over year in the Valley. A great indicator of continuing strengthening of the real estate market here in the Phoenix area.
Market Statistics July 2013 – Phoenix, AZ – Click here for the entire report.
If you would like a free market analysis of your home and to find out what your home is worth, let us know below. We are happy to help you and will contact you shortly.
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