Homes sales and prices dropped during September in the Phoenix, AZ real estate market. The number of homes sold fell by 17% versus August, and were down 5% from last year. The average sale price was down 3% from August, but still up 8% over September 2017. Sellers continue to get about 98% of their list price. The number of homes on the market increased 2% over August, and is still down 6% versus last year. The 12 month moving average sale price, now at $293,320 (up 9% from the previous year), continues to edge up. The days on market is at 60, up 5% from last year and well within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) increased to 2.79 months supply. The price per square foot jumped 11% over August and up 19% from last year. Pending sales in August were 2,014 signalling another month of less than stellar sales in October for the Phoenix, AZ housing market.
Here are the latest stats for the month ending 9/30/18:
Active Listings: 3,602 (Up 2% versus Aug. '18, Down 6% from Sept. '17)
Homes Pending: 2,014 (Down 5% versus Aug. '18, Down 11% from Sept. '17)
Homes sold in last 30 days: 1,629 (Down 17% from Aug. '18, Down 5%. from Sept. '17)
Burn rate (Inventory on market / by homes currently under contract) = 2.79 months supply
Avg. Sale price (Solds): $291,481 (Down 3% versus Aug. '18, Up 8% from Sept. '17)
Avg. price per sq. ft. (Solds): $181.74 (Up 11% versus Aug. '18, Up 19% from Sept. '17)
Avg. Days on Market (Solds): 60 (Up 9% from Aug. '18, Up 5% versus Sept. '17)
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