Home Prices in Phoenix AZ for September 2018
Real estate market data for Phoenix, AZ provided by Troy Erickson Realtor of Diverse Solutions Realty.
Phoenix Metro Home Prices and Statistics
As you can see on the Local Market Insight Report for the Arizona Regional Multiple Listing Service (see report below), prices of Phoenix Metro homes remained fairly steady in September, as the median sales price dropped slightly to $260,000, from $262,500 last month. However, this is a 7.9% increase from September of last year. The number of days on market remains low, at 61, which means homes in Metro Phoenix are still selling at a rapid pace. The average sold price to original list price remains high at 97.1%, which also shows that there is still a demand for homes, and homes are holding their prices. All of these factors show that even though we are heading into the fall, the Phoenix Valley is still in a sellers market.
The number of new listings dropped off significantly in September, not only from last month, but also from last year as a whole, as the Phoenix Valley continue to see a low inventory of homes for sale. The total number of active listings for September 2018 was 15,280, which is 2,879 fewer than the 5-year average for this time of year.
There was also a significant drop in the number of homes sold, with a 15% dropoff from August, and 420 fewer sales than in September of 2017. However, we are still on track to sell more homes this year than last, which overall is a good sign, especially since inventory has been so low throughout the year.
The low inventory of homes for sale in Phoenix still has many sellers receiving multiple offers on their homes. However, with fewer competition from buyers this time of year, you may have a better chance of getting the home you desire. Having a good real estate agent who understands the market is a must. Homes in the Phoenix Metro area are still selling within a few weeks of hitting the market so you will want an agent that can provide you a list of homes for sale as soon as they are available for sale.
I have additional market reports and statistics included on my website, and you can find this information by clicking the following link, Arizona Multiple Listing Service Market Stats and Reports.
The average sales price in September for single family homes in Metro Phoenix is $316,866. The average sales price increased by 7.69% from the previous year.
The median sale price in September for single family homes in Metro Phoenix is $260,000. The sale prices dropped by -1.00% from the previous month.
The number of active listings is at 15,280. The average Days on Market is 61.
Find Homes for Sale in Phoenix AZ
Visit my website to search for homes in Phoenix or to be notified when homes in Phoenix and the surrounding area come on the market.
To find out what you home is worth in the current market email me or call 602-295-6807.