Phoenix, AZ Real Estate Market Report - Feb. 2019

By
Real Estate Agent with Long Realty West Valley AZ RE Lic. #SA560004000

 

Homes sales rebounded but prices fell during February in the Phoenix, AZ real estate market.  The number of homes sold increased by 20% versus January and were down 14% year over year. The average sale price fell 2% from January, and was up 8% over February 2018. Sellers received about 98% of their list price during the month. The number of homes on the market dropped 1% compared to January and up 17% year over year.  The 12 month moving average sale price, now at $301,526 (up 9% from the previous year), continues to edge up ever so slightly but is starting to level off.  The days on market is 68, down 3% from last year and well within the benchmark of a seller's market.  The "Burn Rate" (pending sales/active listings) ticked down to 2.69 months supply.  The price per square foot was up 3% versus January and is flat versus last year. Pending sales in February were 2,404 signalling a stronger sales report in March 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 2/28/19:

Active Listings: 4,063 (Down 1% from Jan. '19, Up 17% over Feb. '18)

Homes Pending: 2,404 (Up 27% from Jan. '19, Down 10% from Feb. '18)

Homes sold in last 30 days: 1,471 (Up 20% from Jan. '19, Down 14% from Feb. '18)

Burn rate (Inventory on market / by homes currently under contract) =  2.69 months supply

Avg. Sale price (Solds): $299,670 (Up 2% from Jan. '19, Up 8% from Feb. '18)

Avg. price per sq. ft. (Solds): $172.48 (Up 3% Jan. '19, Flat versus Feb. '18)

Avg. Days on Market (Solds): 68 (Down 1% from Jan. '19, Down 3% versus Feb. '18)

To receive a free market analysis for your Anthem home please call Jerry Murphy at 602-334-3757 or e-mail: jwmurphy@longrealty.com

To search Phoenix homes for sale please visit: JWMurphy.LongRealty.com

Like us on Facebook at: https://www.facebook.com/Jerry-Murphy-PhoenixScottsdale-Area-Real-Estate-Agent-154855641299985/

And follow me on Instagram at: JerryMurphyRealEstate

 

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Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good evening 

Thank you for sharing your information with us Jerry Murphy, CRS, SRES 

Have a great night.

March 17, 2019. 

Mar 17, 2019 05:22 PM #1
Rainer
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Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Mar 17, 2019 06:16 PM #2
Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

Tanks for sharing the information about your community. I love reading what is going on in different parts of the country    

Mar 18, 2019 04:36 AM #3
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Rainmaker
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Jerry Murphy, CRS, SRES

Anthem, Phoenix, and Scottsdale AZ Real Estate
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