Phoenix Housing Market Update, July, 2018

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5dCp

The Phoenix Housing Market Update report for July, 2018 includes data for all of Maricopa County.  The area is vast, over 400 square miles!   Currrently there are 15,942 listings of homes, condos, townhomes, mobile homes and lofts for sale.  A very low number.  The trend has been declining inventory for quite some time as you can see. 

 

Active listings are down 14% year over year as shown below.   Like real estate markets in most parts of the country, inventory has been dropping since the housing recession. 

Active Listings in Phoenix, July 2018

 

Monthly median sales prices have risen by 9% from July 2017, $242,000 to $265,000, July 2018, surprising the peak of June, 2006 at the same median sales price! 

 

Median Sales Price Phoenix Housing Market Update July, 2018

 

Under Contract List Price per Square Foot is always a tell-tale sign of where the market is going.  The chart below shows that prices continue to rise from $155.83 per square foot a year ago to $169.90 for July, 2018.

 

Under Contract Avg List Price Phoenix July, 2018

 

The number of days it takes to sell a home in Metro Phoenix is currently 59, down from 65 year over year!

 

Average Cumulative Days on Market Phoenix July 2018

The months of supply inventory is down year over year from 1.9 to the current level of 1.7.  Months of supply can best be described as the number of months it takes to sell the current inventory.  The lower the number, the higher pressure on demand and rising prices.  

Months of Supply Phoenix July 2018

As you can see from this dramatic graph, foreclosures are about 1% of our tottal sales in the Phoenix Metro Area.  Anyone looking for a deal is competing with other buyers for similar.  Those wanting to profit from a buy and sell have to pay more than before.   Real estate in this area is very seasonal.  Depending on the zip code, sales rise and slow based on primary owner versus secondary owner.  Call me to explain the difference.  But for the most part, sales slow down during the winter holidays through January.   

 

Annual Sales Rate Phoenix July 2018

If you're looking for specific city statistics, please contact me.  These reports are provided by my subscription to the Cromford Report, great reporting including all sales in Maricopa County, not just the local MLS.  

 

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Rainmaker
775,435
Joyce Marsh, Daytona Beach Florida
Premier Sotheby’s International Realty - Daytona Beach, FL
Presenting The Finest in Florida Coastal Living...

Thanks for sharing this snapshot of recent sales and activity and keeping us informed about the changes in your market in Arizona.  

Aug 03, 2018 01:21 AM #1
Rainmaker
2,202,223
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That's important market data for home buyers and sellers in the Phoenix area, Jan.

Aug 03, 2018 07:44 AM #2
Rainmaker
897,298
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Thank you for stopping by Joyce Marsh, Daytona Beach Florida !  I'm sure our markets are probably similar with the ebbs and flows.  Have a great weekend!

 

Aug 03, 2018 11:18 AM #3
Rainmaker
897,298
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Myrl Jeffcoat thank you for stopping by.  I hope to help someone with this data.  Have a great weekend!

Aug 03, 2018 11:19 AM #4
Ambassador
1,605,266
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Jan, do you sense a slowing in your market?  We are seeing some indicators at higher price points.  Nothing too dramatic, just some tell tale shifts. D 

Aug 04, 2018 06:33 AM #5
Rainmaker
1,761,393
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Hi Jan Green - this is a great marketing report and clear snapshot of what's going on in your area. Buyers and sellers will be in excellent hands when they hire you. 

Aug 04, 2018 11:36 AM #6
Rainmaker
1,567,179
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Jan - the graphs really tell the story of your market and how it is robust.  What a change from 2008 - 2011!

Aug 07, 2018 06:25 AM #7
Rainmaker
897,298
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Sorry for my delay in answering Debb Janes EcoBroker and Bernie Stea JD I wanted to check and research different price points as far as sales go.  This would make a great blog to answer that question.  There seems to be a bit of uncertainty these days!  So the only segment of our market that is slowing is the under $200,000 market and that's due to inventory.  Every price point is up over $200,000.  $200,000 - $500,000; $500,000 - $800,000; $800,000 - $1 mill; and get this $1 - $3 million is way up; over $3 mill had a great April and May slower June and even slower July.  Those are our seasonal buyers who leave when it's this hot!  That was a good field trip - now need to write about it!  Thanks Debb - hope you guys are doing well! 

 

Aug 07, 2018 10:05 AM #8
Rainmaker
897,298
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Patricia Feager you are such a doll!  Thank for your reviewing.  These reports start to look alike after a while - maybe makes me cross-eyed!  Hope you have a great Texas day! 

Aug 07, 2018 10:06 AM #9
Rainmaker
897,298
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Oh yeah Grant Schneider If you take the entire graph for Monthly Median Sales Price, then we are right on track before the downturn.  We're finally over the peak of 2006.  I had hoped that would calm some nerves as I typically am asked, "Are we going to see another bubble."  We're ripe for a market correction on paper, but there are too many factors keeping us stable, as I'm sure you can explain better than I can! 

Aug 07, 2018 10:09 AM #10
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Rainmaker
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Jan Green

HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN
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