We are late with our Phoenix Housing Market report this month. But we are committed to doing it consistently so here it goes.
We experience the same thing each January: the slowest sales of the year.
There were 4,791 home sales recorded within the Arizona Regional Multiple Listing Service for January 2015. That translates to 1% lower than the year-over-year sales for January 2014. While it's not a dramatic decrease we'd like to see it go in the opposite direction. The sales numbers describe residential home sales including single family residences, townhomes, Gemini twin homes, condominiums, manufactured homes, and patio homes.
Metro Phoenix Housing Market Sales
What's better than a chart to give a good visual depiction of sales activity in January and over the previous 12 months.
Sales Price per Square Foot
Sales prices remained unchanged from last month. Both December and January recorded sales prices of $131 per square foot. You can see in the chart that home prices have not deviated more than +/- $3 per square foot over the last 12 months. I don't know how you can get much more stable than that. I feel safe in stating prices haven't been this stable since before the real estate boom of 2004 and 2005.
Days to Sale
The time it takes to sell a home in Metro Phoenix is at the highest point in 3 years. Overall sales -- including single family homes, condos, townhomes, manufactured homes, and patio homes -- have averaged 96 days to sale. The below graph shows short sales take the longest time to sell. Bank properties took half as long in January at 82 days. Normal sales averaged 94 days for this edition of our Metro Phoenix Housing Market Report.
Housing Inventory
Our Metro Phoenix Housing Market Report shows that low housing inventory has been the only reason 2014 was not a runaway for home buyers. January held true to this trend. Normal home inventory is ...
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