Phoenix, AZ Real Estate Market Report - Jan. 2018

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


The Phoenix, AZ real estate market activity increased dramatically in January, although prices remained flat. The number of homes sold was up 42% versus December but up only 1% from last year. The average sale price decreased slightly, down 1% from December, but up 8% over January 2017. The number of homes on the market increased by 4% over December, but is still down 10% versus last year.   The year over year price increase continues to move in the right direction, up 8% over January 2017. The 12 month moving average sale price, now at $276,308 (up 7% from the previous year), continues to edge up.  The days on market is at 71, down 4% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) has decreased slightly to 2.42 months supply.  And the price per square foot decreased slightly, down 1% from December.  Pending sales in January were 2,493 foreshadowing a strong report as we enter our high selling season for the Phoenix, AZ housing market. 

Here are the latest stats for the month ending 1/31/18:

Active Listings: 3,539 (Up 4% from Dec. '17, Down 10% from Jan. '17)

Homes Pending: 2,493 (Up 42% from Dec. '17, Up 1% from Jan. '17)

Homes sold in last 30 days: 1,357 (Down 19% from Dec.. '17, Same as Jan. '17)

Burn rate (Inventory on market / by homes currently under contract) =  2.42 months supply

Avg. Sale price (Solds): $277,588 (Down 1% from Dec. '17, Up 8% from Jan. '17)

Avg. price per sq. ft. (Solds): $154,67 (Down 1% from Dec. '17, Up 7% from Jan. '17)

Avg. Days on Market (Solds): 71 (Up 8% from Dec. '17, Down 4% from Jan. '17)

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Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

Home buyers and sellers always appreciate updated real estate information and market reports. 

Feb 05, 2018 04:37 PM #1
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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