Homes sales continued to increase and prices rose too during March in the Phoenix, AZ real estate market. The number of homes sold increased by 27% versus February and were down 15% year over year. The average sale price rose 1% from February, and was up 4% over March 2018. Sellers received about 98% of their list price during the month. The number of homes on the market dropped 11% compared to February but were up 8% year over year. The 12 month moving average sale price, now at $302,625 (up 8% from the previous year), continues to edge up ever so slightly but is starting to level off. The days on market is 70, up 3% from last year and well within the benchmark of a seller's market. The "Burn Rate" (pending sales/active listings) ticked down to 2.24 months supply. The price per square foot was down 1% versus February and is up 5% versus last year. Pending sales in March were 2,940 signalling a stronger sales report in April for the Phoenix, AZ housing market.
My overall impression of the current Phoenix real estate market still remains the same, that is to say that 2019 will be a year of correction in prices.
Here are the latest stats for the month ending 3/31/19:
Active Listings: 3,632 (Down 11% from Feb. '19, Up 8% over Mar. '18)
Homes Pending: 2,940 (Up 22% from Feb. '19, Down 3% from Mar. '18)
Homes sold in last 30 days: 1,867 (Up 27% from Feb. '19, Down 15% from Mar. '18)
Burn rate (Inventory on market / by homes currently under contract) = 2.24 months supply
Avg. Sale price (Solds): $303,602 (Up 1% from Feb. '19, Up 4% from Mar. '18)
Avg. price per sq. ft. (Solds): $169.95 (Down 1% Feb. '19, Up 5% Mar. '18)
Avg. Days on Market (Solds): 70 (Up 3% from Feb. '19, Up 8% versus Mar. '18)
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