Here’s a look at the Metro Phoenix Real Estate Market Report for November 2018. According to the statistics released by the Arizona Regional Multiple Listing Service, the median sale price of homes is 3.88 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 October ended with a total of 6,393 residential properties sold. The number shows a decrease of 0.7 percent from the 6,440 homes sold this same month in 2017. We’re seeing an increase from the 6,133 sold last month.
The median listing price for this month was $347,950, which shows a 3.88 percent increase from the $334,940 in October 2017.
What Does this Data Mean?
November began with 15,918 active listings with no offers, which shows a decrease of 7.3 percent from the 17,178 seen in 2017. However, the number of active listings this month is higher than the 15,833 recorded last month.
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 8,588 new properties added to the real estate market in Metro Phoenix last month. This number is down 1.5 percent from the 8,719 that were added in October 2017.
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?
November began with the average days a home stays on the market at 59 days. This is a decrease of 6.35 percent from the 63 days recorded last year at this time.
Sellers in this area are currently receiving 96.9 percent of their original listing price at the time of sale. Pricing your home correctly from the start is one of the keys to a successful sale that ends in you receiving the best return on your investment.
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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See Additional Reports on the Metro Phoenix Real Estate Market.
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 $272,000 or less.
