The Phoenix, AZ real estate market continued to pull back a bit in September. The number of homes sold was down 9% from August but up 2% from last year. The number of home on the market increased by 1% over August, but is down 2% versus last year. At this time there are only 18,084 homes available on the entire Arizona Regional Multiple Listing Service (ARMLS), which covers all of Maricopa County as well as parts of Pinal and Yavapai Counties. The year over year price increase continues to move in the right direction, up 4% over September 2016. But the 12 month moving average sale price, now at $269,596, (up 7% from the previous year), continues to flatten out. The days on market is at 57, down 10% 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 2.69 months supply. And the price per square foot increased slightly, up 1%, over August. Pending sales in September were 2,266 again foreshadowing another less than stellar report in October for the Phoenix, AZ housing market.
Overall we may be seeing a topping out in the Phoenix real estate market. We have recovered most if not all of the equity lost from the 2008/09 housing crash, but home prices are dependent upon household income, and that's what may be causing the market to stall out at this point. New industry with higher paying high skilled jobs moving to the area will hopefully spur further price growth, but for now its effects are not being felt.
Here are the latest stats for the month ending 9/30/17:
Active Listings: 3,826 (Up 1% from Aug. '17, Down 2% from Sept. '16)
Homes Pending: 2,266 (Down 1% from Aug. '17, Down 8% from Sept. '16)
Homes sold in last 30 days: 1,719 (Down 9% from Aug. '17, Up 2% from Sept. '16 )
Burn rate (Inventory on market / by homes currently under contract) = 2.69 months supply
Avg. Sale price (Solds): $270,328 (Down 2% from Aug. '17, Up 4% from Sept. '16)
Avg. price per sq. ft. (Solds): $152.69 (Up 1% from Aug. '17, Up 6% from Sept. '16)
Avg. Days on Market (Solds): 57 (Down 7% from Aug. '17, Down 10% from Sept. '16)
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