Phoenix, AZ Real Estate Market Report - Dec. 2017

Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000


The Phoenix, AZ real estate market picked up a little bit in December. The number of homes sold was up 4% versus November and up 10% from last year. The average sale price decreased slightly, down 2%, over November, but up 6% over December 2016. The number of homes on the market decreased by 10% versus November, and was down 15% versus last year.   The year over year price increase continues to move in the right direction, up 6% over December 2016. The 12 month moving average sale price, now at $274,974, (up 8% from the previous year), continues to edge up.  The days on market is at 66, up 3% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) has decreased slightly to 2.79 months supply.  And the price per square foot increased slightly, up 1%, over October.  Pending sales in November were 2,132 again foreshadowing another less than stellar report in December for the Phoenix, AZ housing market. 

Here are the latest stats for the month ending 11/30/17:

Active Listings: 3,806 (Down 4% from Oct. '17, Down 6% from Nov. '16)

Homes Pending: 2,132 (Down 2% from Oct. '17, Down 3% from Nov. '16)

Homes sold in last 30 days: 1,619 (Down 6% from Oct.. '17, Up 6% from Nov. '16 )

Burn rate (Inventory on market / by homes currently under contract) =  2.95 months supply

Avg. Sale price (Solds): $281,385 (Down 2% from Nov. '17, Up 6% from Dec. '16)

Avg. price per sq. ft. (Solds): $156.25 (Same as Nov. '17, Up 3% from Dec. '16)

Avg. Days on Market (Solds): 66 (Same as . '17, Up 3% from Dec. '16)

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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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