Market statistics tell a lot about what's going on for buyers and sellers. Having great reports helps provide the helpful information that home buyers and sellers can use to make important decisions. These market reports are provided courtesy of the Cromford Report.
While we should be viewing our homes as a place to live and not an investment, it's hard not to think of them as investments with the housing recession in the rear view mirror.
Thanks to Debb Janes EcoBroker and Bernie Stea JD for asking me if our market was slowing down and for providing me with the inspiration for this post.
The following graph is for Sales in all Price Ranges. Each peak is for the month of May or June, with those months having the most sales of any month in the year, so contracts are written in March or April.
Sales up to $250,000 have slowed slightly, but that's most likely due to price increases and buyer demand. Currently we have 15,833 active residential listings for all of Maricopa County, and 26% of them are listed under $250,000. Our median home price in Phoenix is $265,000. Inventory is clearly driving the housing market.
Sales are up 16% for homes selling between $250,000 and $500,000 in Phoenix, Arizona from 2017 through July, 2018.
Sales are up dramatically for homes selling between $500,000 - $800,000. In May, 2018 there were 772 homes selling, as compared to May, 2014 when 343 homes sold!
For homes selling between $800,000 - $1 million, sales are up 12% from June, 2017 to June, 2018. In June, 2014, 69 homes sold in this price range versus 148 sales in June, 2018, an increase of 54%!
Sales for $1 - $3 million are also up 22% year over year for June. June, 2018 saw 201 sales, while 157 sales closed in June, 2017. A very healthy increase.
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Sales over $3 million have increased as well. This market is a narrower and more volatile market as homes in the Phoenix Metro Area. There were 109 homes sales for 2018 over $3 million, selling as high as $17.5 million. Year over year, 91 homes sold over $3 million, with the highest sale being $12.75 million through August 7, 2017. So sales volume is up 17%. 
If you're looking for a competent, trustworthy, REALTOR® to help you buy or sell real estate in the Phoenix Metro Area, give me a call for a complimentary market analysis.
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