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