Homes sales and prices increased during October in the Phoenix, AZ real estate market. The number of homes sold rose by 5% versus September but were flat year over year. The average sale price was up 6% from September, and was up 9% over October 2017. Sellers continue to get about 98% of their list price. The number of homes on the market increased 10% over September and is flat year over year. The 12 month moving average sale price, now at $295,385 (up 9% from the previous year), continues to edge up. The days on market is at 60, down 2% from last year and well within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) increased again to 3.16 months supply. The price per square foot dropped 6% from September and is up 10% from last year. Pending sales in October were 1,826 signalling another month of less than stellar sales in November for the Phoenix, AZ housing market.
Here are the latest stats for the month ending 10/31/18:
Active Listings: 3,951 (Up 10% versus Sept. '18, Same as Oct. '17)
Homes Pending: 1,826 (Down 9% versus Sept. '18, Down 16% from Oct. '17)
Homes sold in last 30 days: 1,714 (Up 5% from Sept. '18, Same as Oct. '17)
Burn rate (Inventory on market / by homes currently under contract) = 3.16 months supply
Avg. Sale price (Solds): $310,190 (Up 6% from Sept. '18, Up 9% from Oct. '17)
Avg. price per sq. ft. (Solds): $170.21 (Down 6% from Sept. '18, Up 10% from Oct. '17)
Avg. Days on Market (Solds): 60 (Same as Sept. '18, Down 2% versus Oct. '17)
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