Homes sales and prices decreased during November in the Phoenix, AZ real estate market. The number of homes sold dropped by 13% versus October and were down 8% year over year. The average sale price slipped 1% from October, but was up 7% over November 2017. Sellers received about 99% of their list price during the month. The number of homes on the market remained exactly the same as October and is up 4% year over year. The 12 month moving average sale price, now at $296,751 (up 9% from the previous year), continues to edge up ever so slightly. The days on market is 62, down 6% from last year and well within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) remained at 3.16 months supply. The price per square foot dropped 1% from October and is up 8% from last year. Pending sales in November were 1,829 signalling another month of less than stellar sales in December for the Phoenix, AZ housing market.
Here are the latest stats for the month ending 11/30/18:
Active Listings: 3,951 (Same as Oct. '18, Up 4% over Nov. '17)
Homes Pending: 1,829 (Same as Oct. '18, Down 14% from Nov. '17)
Homes sold in last 30 days: 1,496 (Down 13% from Oct. '18, Down 8% from Nov. '17)
Burn rate (Inventory on market / by homes currently under contract) = 3.16 months supply
Avg. Sale price (Solds): $307,891 (Down 1% from Oct. '18, Up 7% from Nov. '17)
Avg. price per sq. ft. (Solds): $169.22 (Down 1% from Oct. '18, Up 8% from Nov. '17)
Avg. Days on Market (Solds): 62 (Up 3% from Oct. '18, Down 6% versus Nov. '17)
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