Home Prices in Phoenix AZ for October 2018
Real estate market data for Phoenix, AZ provided by Troy Erickson Realtor of Diverse Solutions Realty.
Phoenix Metro Home Prices and Statistics
Prices of Phoenix Metro homes increased slightly in October, to $262,500, from $260,000 last month (a 1.0% increase). However, this is a 7.1% increase from October of last year ($245,000), but still below the high of $267,264 in June this year. The number of days on market remains low, at 59, tying for the lowest DOM all year (July), which means homes in Metro Phoenix are still selling at a rapid pace. The average sold price to original list price remains high at 97.0%, even though this is the third straight month we have seen a decrease. This is another sign that shows 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 winter, the Phoenix Valley is still in a sellers market.
The number of new listings increased 8.0% from last month, to 9,275 in October. This is a turnaround after September saw a decrease in the number of new listings. The number of new listings is still below October of last year, which was at 9,437. The total number of active listings increased for the third straight month, and in October 2018 was 16,509. This is still 2,805 fewer than the 5-year average for this time of year. The Phoenix Valley continues to see a low inventory of homes for sale.
After four straight months of decreasing home sales, October saw a 3.6% increase, up to 7,049, but this is still 101 fewer sales than October of 2017. 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.
Phoenix Real Estate Report Summary
The average sold price in October for single family homes in Metro Phoenix is $326,110. The average sales price increased by 9.95% from the previous year.
The median sold price in October for single family homes in Metro Phoenix is $262,500. The sales price increased by 7.14% from the previous year.
The number of active listings is at 16,509. The average Days on Market is 59.
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.
