The Phoenix, AZ real estate market picked up the pace in May. The number of homes sold was up 11% over April, and up 18% over last year. The year over year price increase continues to move in the right direction, up 4% over May 2016. The 12 month moving average sale price is now $264.058, up 7% from the previous year and now just about at our pre crash highs. The number of homes on the market is 3,729, down 1% from April, with the days on market at 62, down 5% from last year and well within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) has increased again slightly to 2.33 months supply. The price per square foot again jumped to an unusual figure, $228.38, 60% greater than last year. Based on the pending sales in May (2,798) we can expect another robust report for the June Phoenix, AZ housing market.
Here are the latest stats for the month ending 5/31/17:
Active Listings: 3,729
Homes Pending: 2,798
Homes sold in last 30 days: 2,304 (Up 11% from Apr. '17, Up 18% from May. '16 )
Burn rate (Inventory on market / by homes currently under contract) = 2.33 months supply
Avg. Sale price (Solds): $272,285 (Up 2% from Apr. '17, Up 4% from May'16)
Avg. price per sq. ft. (Solds): $228.38 (Up 52% from Apr '17, Up 60% from May '16)
Avg. Days on Market (Solds): 62 (Down 7% from Apr. '17, Down 5% from May '16)
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