Homes sales fell again but prices rose in January in the Phoenix, AZ real estate market. The number of homes declined by 19% versus December and down 10% year over year. The average sale price rose 2% from December, and was up 10% over January 2018. Sellers received about 98% of their list price during the month. The number of homes on the market rose 11% compared to December and up 16% year over year. The 12 month moving average sale price, now at $299,813 (up 9% from the previous year), continues to edge up ever so slightly but is starting to level off. The days on market is 69, up 10% from last year and well within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) ticked down to 3.18 months supply. The price per square foot was flat versus December and is up 9% from last year. Pending sales in December were 1,889 signalling a stronger sales report in February for the Phoenix, AZ housing market.
My overall impression of the current Phoenix real estate market is that 2019 will be a year of correction in prices. Inventory is rising, and sales are decreasing, which leads to lower prices. Sellers are starting to get less as a percentage of their list price, homes are staying on the market longer, we're seeing more open houses (which means homes are not selling quickly), and there are more price reductions on current listings. All this spells a down year in 2019.
Here are the latest stats for the month ending 1/31/19:
Active Listings: 4,117 (Up 11% from Dec. '18, Up 16% over Jan. '18)
Homes Pending: 1,889 (Up 36% from Dec. '18, Down 24% from Jan. '18)
Homes sold in last 30 days: 1,227 (Down 19% from Dec. '18, Down 10% from Jan. '18)
Burn rate (Inventory on market / by homes currently under contract) = 3.18 months supply
Avg. Sale price (Solds): $304,646 (Up 2% from Dec. '18, Up 10% from Jan. '18)
Avg. price per sq. ft. (Solds): $168.23 (Flat versus Dec. '18, Up 9% from Jan. '18)
Avg. Days on Market (Solds): 69 (Up 10% from Dec. '18, Down 3% versus Jan. '18)
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