Phoenix Housing Market Update for June 2017

By
Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000

Active listings continue the usual seasonal decline for this Phoenix Housing Market Update for June 2017.  As temperatures heat up, our inventory declines due to the segment of buyers moving during the summer months.  

Current inventory totals as of July 8, 2017 are 16,510 homes, condos, town homes and mobile homes for sale.

 

 

The Days on Market report also shows the drop in the number of days it currently takes to sell a home in the Phoenix Metro area.  It currently takes an average of 66 days to sell a home in the Phoenix Metro area as per this Phoenix Housing Market Update for June 2017.   The all time low was 24 days on market in July, 2005, just twelve short years ago during that frenzied market! 

The Under Contract list price per square foot has risen to $155.49 as of July 11, 2017.  The steady incline of this price shows no signs of slowing.  The lowest point on this chart for October 2011 is $76.84 per square foot.

 

As for the number of home sales in Phoenix, we're headed for a record breaker it would appear!  So far this year, 92, 726 homes have sold.  Notice that in 2011, sales were high as well; however, 2/3rds of the sales were HUD, foreclosure and short sales due to a distressed economy and housing market. As compare to the current market where a short sales and foreclosures are at near normal levels. 

 

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Comments (2)

Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Jan  Very nice analysis of what's going on with the Phoenix housing market - that's a lot of sales! Have a great weekend!

Jul 14, 2017 12:28 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you Dick Greenberg !  I appreciate your opinion and comments. Have a great rest of your day!

Jul 14, 2017 01:17 PM