Phoenix, AZ Real Estate Market Report - July 2018

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

Activity continued to wane along with prices in the Phoenix, AZ real estate market through July.  The number of homes sold dropped 5% versus June, but were up 10% from last year. The average sale price was down 2% versus June, but was up 11% over July 2017. Sellers continue to get about 99% of their list price. The number of homes on the market climbed 2% from June, but is still down 4% versus last year.  The 12 month moving average sale price, now at $289,773 (up 8% from the previous year), continues to edge up.  The days on market is at 54, down 5% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) increased again to 2.67 months supply.  The price per square foot was virtually unchanged from June but was up 10% from last year. Pending sales in July were 2,139 signalling another month of declining sales in August for the Phoenix, AZ housing market. 


Here are the latest stats for the month ending 7/31/18:

Active Listings: 3,578 (Up 2% over June '18, Down 4% from July '17)

Homes Pending: 2,139 (Down 13% from June '18, Down 12% from July '17)

Homes sold in last 30 days: 1,966 (Down 5% from June '18, Up 10%. from July '17)

Burn rate (Inventory on market / by homes currently under contract) =  2.67 months supply

Avg. Sale price (Solds): $303,503 (Down 2% from June '18, Up 11% from July '17)

Avg. price per sq. ft. (Solds): $167.11 (Same as June '18, Up 10% from July '17)

Avg. Days on Market (Solds): 54 (Down 5% from June '18, Down 5% from July '17)

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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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