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.
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.
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.
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!
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.
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.
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.
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!