The Phoenix Housing Market Update for June, 2018 is provided with charts from the Cromford Report®. Reports are by subscription. To sum up the results from our graphs, we have low inventory, quick sales and rising prices - mirroring national sales results!
Active Lisings in Phoenix have dropped by 11% year over year. Inventory has dropped 32% since June, 2014!
Understanding inventory vs. supply, the following chart shows how long it will take to sell the current inventory. 1.5 months. That's down slightly from 1.8 months for June, 2017; and down from 3 month supply in June 2014.
So what about prices? As you can see, prices have risen since the bottom of the market in 2011! Year over year, we've seen 8% appreciation from $245,000. Since April, 2011, prices have risen 60% to $265,000 for all of Metro Phoenix.
So how long does it take to sell this low inventory? 58.82 days to be exact! This is only second to August, 2013 when homes were selling 58.73 days. Almost miniscule results.
All of this is not as surprising as the number of people moving to Maricopa County. Maricopa County, Arizona saw the biggest populaton gain of any countyin the US!
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