The Phoenix, AZ real estate market started 2017 a little slow. The number of homes sold in January was down 18% from December, but up 9% over last year. The year over year price increase continues to move in the right direction, up 7% over January 2016. The 12 month moving average sale price is now $257,898, up 7% from the previous year and continuing to close in on our pre crash highs. The number of homes on the market is 3,921, up 2% from December, with the days on market at 74, up 6% over last year and still within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) has decreased to 2.59 months supply due to the dramatic increase in pending sales (up 31% over December). Based on the pending sales we can expect a pretty robust February report for the Phoenix, AZ housing market.
Here are the latest stats for the month ending 1/31/17:
Active Listings: 3,921
Homes Pending: 2,468
Homes sold in last 30 days: 1,357 (Down 18% from Dec. '16, Up 9% from Jan. '16 )
Burn rate (Inventory on market / by homes currently under contract) = 2.59 months supply
Avg. Sale price (Solds): $256,118 (Same as Dec. '16, Up 7% from Jan. '16)
Avg. price per sq. ft. (Solds): $143.98 (Same as Dec. '16, Up 10% from Jan. '16)
Avg. Days on Market (Solds): 74 (Up 9% from Dec. '16, Up 6% from Jan. '16)
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