Phoenix, AZ Real Estate Market Report - Mar. 2018

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

The Phoenix, AZ real estate market activity shot up dramatically in March, with prices increasing nicely as well.  The number of homes sold was up 30% versus February and up 7% from last year. The average sale price was up 5% versus February,  and up 8% over March 2017. The number of homes on the market decreased by 3% versus February, but is still down 8% versus last year.  The 12 month moving average sale price, now at $279,029 (up 7% from the previous year), continues to edge up.  The days on market is at 65, down 8% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) decreased slightly to 2.11 months supply.  The price per square foot decreased in March,  down 6% from February, indicating that more larger homes sold during the month.  Pending sales in February were 3,040 foreshadowing a strong report as we continue to plow through our selling season for the Phoenix, AZ housing market. 

Here are the latest stats for the month ending 3/31/18:

Active Listings: 3,375 (Down 3% from Feb. '18, Down 8% from Mar. '17)

Homes Pending: 3,040 (Up 13% from Feb. '18, Down 3% from Mar. '17)

Homes sold in last 30 days: 2,203 (Up 30% from Feb. '18, Up 7% from Mar. '17)

Burn rate (Inventory on market / by homes currently under contract) =  2.11 months supply

Avg. Sale price (Solds): $292,941 (Up 5% from Feb. '18, Up 8% from Mar. '17)

Avg. price per sq. ft. (Solds): $161.80 (Down 6% from Feb. '18, Down 25% from Mar. '17)

Avg. Days on Market (Solds): 65 (Down 7% from Feb. '18, Down 8% from Mar. '17)

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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Thanks for the market update - -I hope that some of these solds are yours! 

Apr 18, 2018 07:01 PM #1
Joyce Marsh, Daytona Beach Florida
Joyce Marsh at Premier Sotheby’s International Realty - Daytona Beach, FL
Proudly Selling Extraordinary Homes and Lifestyles

Buyers and sellers value current real estate market information in this hot market. Thank you for your latest report. 

Apr 19, 2018 05:28 AM #2
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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