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Phoenix, AZ Real Estate Market Report - Mar. 2018

The Phoenix, AZ real estate market activity shot up dramatically in March, with prices increasing nicely as well.  The number of homes sold was up 30% versus February and up 7% from last year. The average sale price was up 5% versus February,  and up 8% over March 2017. The number of homes on the market decreased by 3% versus February, but is still down 8% versus last year.  The 12 month moving average sale price, now at $279,029 (up 7% from the previous year), continues to edge up.  The days on market is at 65, down 8% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) decreased slightly to 2.11 months supply.  The price per square foot decreased in March,  down 6% from February, indicating that more larger homes sold during the month.  Pending sales in February were 3,040 foreshadowing a strong report as we continue to plow through our selling season for the Phoenix, AZ housing market. 
Here are the latest stats for the month ending 3/31/18:
Active Listings: 3,375 (Down 3% from Feb. '18, Down 8% from Mar. '17)
Homes Pending: 3,040 (Up 13% from Feb. '18, Down 3% from Mar. '17)
Homes sold in last 30 ... more

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