A Tale of Two Markets- The Phoenix Market April 2016

Real Estate Agent with The Cross Team at Realty One Group License #SA541100000

Today's Phoenix market is a Tale of 2 Markets. On one hand we have an oversupply of homes in the luxury market, and on the other hand there are almost no homes available in the under $175,000 price category. Market conditions are diverse depending on what price range you are in. Also there's great news this month for landlords. Read on to find out more. 

Let's start with the basic Phoenix MLS numbers for April 1, 2016 compared to April 1, 2015 for the entire Phoenix metro area:

  • Active Listings: 22,493 versus 22,303 last year - up 0.9% - but down 0.4% from 22,587 last month
  • Active Listings: 27,398 versus 26,436 last year - up 3.6% - and up 0.9% compared with 27,146 last month
  • Pending Listings: 7,522 versus 7,853 last year - down 4.2% - but up 4.3% from 7,214 last month
  • Under Contract Listings: 12,427 versus 11,986 last year - up 3.7% - and up 5.6% from 11,773 last month
  • Monthly Sales: 8,548 versus 7,893 last year - up 8.3% - and up 46.6% from 5,829 last month
  • Monthly Average Sales Price per Sq. Ft.: $138.96 versus $131.99 last year - up 5.3% - and down 1.7% from $141.09 last month
  • Monthly Median Sales Price: $215,000 versus $200,000 last year - up 7.5% - and up 1.4% from $212,000 last month -Souce: The Cromford Report

Closed sales were very strong in the final week of March. However sales, pending listings and number of homes under contract are all up from both last month and last year. This represents more demand.  The demand index is to to a level we have not seen since June 2013, almost 3 years ago. 

The absence of the normal low end supply of homes is not only affecting homes for sale. Affordable homes for rent are also extremely scarce. Entry level buyers and potential tenants are facing strong rises in price. 

If you have thought about buying or selling a home, call The Cross Team for a free no-obligation consultation. We are always here to help! 623-777-3302

Posted by


Brian Cross


The Cross Team at Realty One Group

Team Hotline: 623-777-3302






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