Phoenix Housing Market Update July, 2019

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Real Estate Agent with Value Added Service, 602-620-2699 SA5376460000
https://activerain.com/droplet/5k66

The City of Phoenix consists of just over 1.6 million residents and is estimated to be the most populous city by 2020 in the US.  

This housing market update reflects charts updated to 7/13/19.  

 

The first graph reflects active listings of 3,229, which is lower than any point in time in the last 4 years.  

Phoenix Housing Market Active Listings July 2019

The Cumulative Days on Market is 60 days, versus 55 days a year ago.  Homes are taking 60 days to sell, but there are fewer of them. If a home is listed for sale in July and it's priced well, it should sell relatively quickly since there are fewer listings for sale. But if you over-price a home in a hot summer market, it may sit a while longer. 

 

Phoenix Cumulative Days on Market for sales July 2019

 

The Median Sales Price has risen to $256,000 in Phoenix, which surpasses the high price in June, 2007 of $247,000.  Compare to the bottom of the market in April, 2009 when the median price was $64,900.  Phoenix had one of the worst foreclosure markets in the country, with the official bottom of the market stated as April, 2011, but this chart clearly relfects a couple of gains in the market between 2009 and 2011 when the median price was $69,900. 

Phoenix Median Sales Price July 2019

 

The Months of Supply refers to how long it would take to sell the existing housing inventory.  1.4 months is a very fast paced market and with lower prices, there isn't much inventory so those go quickly! 

Phoenix Months Supply of Inventory July 2019

To compare the above versus months supply of homes under $250,000, this chart shows the lowest months supply in the last 7 years.  The .8 supply currenlty is identical to the June, 2012 data as the lowest months supply of inventory in the last 8 years.  Affordable housing is in demand and in short supply. 

 

Phoenix Housing Supply under $250,000

So where are prices going?  This average Under Contract Price per Square foot reflect a current price of $182.63 but has bounced around a bit.  The overall trend is prices are still rising.  

 

Phoenix Under Contract List Price per sq ft

 

Foreclosures and short sales account for less than 2% of our sales in Phoenix. At the height of the foreclosure market in 2009, there were 17,000 foreclosures listed for sale, and 6407 short sales listed in December, 2012.  

Phoenix Sales per year July 2019

 

Statistical data provided by the Cromford Report.  Subscription is required so copying these charts is copyright infringement.

 

If you're looking to buy or sell homes in the Phoenix area, please give me a call! 

 

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Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Jan Green -  Glad to see the prices have topped the high of  2007.  I was making monthly trips out there then and was talking about getting a second house there.  After the crash and the loss of that job I am glad I didn't.  But I really got to love the area and it is a great place to live and those who stayed have been rewarded.

Jul 24, 2019 05:59 AM #1
Rainmaker
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Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Then you understasnd the Valley!  Having also been to Florida, I get why you'd have a second home there.  Much closer!  Yes, not buying was a good thing for you!

Jul 24, 2019 08:33 AM #2
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Rainmaker
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Jan Green

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