This market report is for all of the data on the Arizona Regional MLS, encompassing all of the Phoenix Metro Area.
New Inventory is up by 4.7% year over year as of August 30, 2017. As of this writing inventory has ticked upward slight as new listings are coming on the market but will slow as the holidays loom in the coming months, a common slow down.
Total inventory year over year is down for the year by 9.4%, putting upward pressure on prices.
The Months Supply of homes for sale has dipped slightly to 2.65 months, so that if nothing else was listed for sale, it would take 2.65 months to sell everything. Not very long!
List prices have ticked upward last month. You can see that the difference year over year is slight monthly as of 8-30-17, but up 7.4% annually.
Sales price per square foot has increased a healthy 9.4% year over year. We are still considered a normal, balanced market; however with such low inventory, multiple offers are common place for homes priced well and in good condition. Price ranges under $400,000 are more likely to experience multiple offers.
If you are interested in data by zip code and price range, please contact me. If you are looking to buy or sell a home in the Phoenix Metro Area, give me a call .