Home Prices in Phoenix AZ for December 2018
Real estate market data for Phoenix, AZ provided by Troy Erickson Realtor of Good Company Real Estate.
Phoenix Metro Home Prices and Statistics
December is typically one of the worst month for real estate in Arizona, and this December was no different, although the median price of Phoenix Metro homes actually increased by 0.4%, to $261,000. This was also a 6.5% increase from December of last year ($245,000), but still below the high of $267,264 in June of this year. The number of days on market (DOM) remains low, at 66, but has been increasing slightly over the last couple of months, from a low of 59 in October. This is still a low number for DOM, which means homes in Metro Phoenix are still selling at a rapid pace. The average sold price to original list price remains high at 96.5%, even though this is the fifth straight month we have seen a decrease since the high of 97.4% in July. This is mainly a seasonal adjustment, and overall a good sign that there is still a demand for homes, and homes are holding their prices. All of these factors show that even though we are into the winter months, Phoenix Metro housing is still in a sellers market.
The number of new listings decreased a whopping 29.5% from 8,183 last month, to 5,771 in December. This is a very significant drop, but very typical for the last month of the year. New listings in December of 2017 were 5,950, making this December just 3.0% lower than last December. The total number of active listings dropped to 16,623 this month, after increasing for four straight months. This ends up being 1,828 fewer listings than the 5-year average (18,451) for this time of year. The Phoenix Valley continues to see a low inventory of homes for sale, which helps values to remain high, as well as demand.
December marks the sixth out of the last seven months that the Phoenix Metro housing market has seen a decrease in home sales. November saw an 8.8% decrease in closed sales, down to 6,431 , and December followed that with a decrease of 1.2%, down to 6,357 homes. This is also 637 fewer closed sales than in December of last year, a decrease of 9.1%. The Phoenix Metro housing market did not finish this year (93,542) selling more homes than last year (93,632) as predicted, but fell short by only 90 homes. This is a good sign overall for the Phoenix housing market heading into 2019, especially since the inventory of homes has been so low throughout the year.
The low inventory of homes for sale in Phoenix still has some sellers receiving multiple offers on their homes. However, with less 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. You need an agent that can provide you a list of homes for sale as soon as they hit the market, as well as an agent that can help negotiate a great deal, and ensure that your transaction closes.
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 December for single family homes in Metro Phoenix is $326,646. The average sales price has increased by 6.17% from December of the previous year.
The median sold price in December for single family homes in Metro Phoenix is $261,000. The sales price has increased by 6.53% from the previous year.
The number of new purchase contracts in December decreased to 5,981, which is 17.9% less than November (7,287), and a 9.2% decrease from December of 2017 (6,588).
The number of active listings for December is at 16,623. The average Days on Market is 66.
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