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)
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