Phoenix, AZ Real Estate Market Report - May 2018

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


The Phoenix, AZ real estate market ratcheted back up in May, with prices heading up too.  The number of homes sold was up 9% versus April, but down 2% from last year. The average sale price was up 5% versus April, and up 12% over May 2017. The number of homes on the market declined by 1% versus April, but is still down 7% versus last year.  The 12 month moving average sale price, now at $284,774 (up 8% from the previous year), continues to edge up.  The days on market is at 57, 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 2.28 months supply.  The price per square foot increased 17% over April,  but was down 17% from last year. Pending sales in April were 2,729 foreshadowing a moderate report in June for the Phoenix, AZ housing market. 


Here are the latest stats for the month ending 5/31/18:

Active Listings: 3,485 (Down 1% from Apr. '18, Down 7% from May '17)

Homes Pending: 2,729 (Same as Apr. '18, Down 2% from May '17)

Homes sold in last 30 days: 2,264 (Up 9% from Apr. '18, Down 2%. from May '17)

Burn rate (Inventory on market / by homes currently under contract) =  2.28 months supply

Avg. Sale price (Solds): $306,060 (Up 5% from Apr. '18, Up 12% from May. '17)

Avg. price per sq. ft. (Solds): $188.56 (Up 17% from Apr. '18, Down 17% from May '17)

Avg. Days on Market (Solds): 57 (Down 3% from Apr. '18, Down 8% from May '17)

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Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good day 

Thank you for sharing your information with us 

Have a great day.

Jun 21, 2018 05:49 PM #1
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Always good to be in the loop. Thank you for sharing and have a great weekend!

Jun 22, 2018 09:08 AM #2
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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