Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for January 2018.
Snapshot of Phoenix’s Real Estate Market Statistics for January 2018.
The number of new listings in Phoenix for January was 2458 up 70.6 % from December 2017. But in addition, new contracts also increased by 46.7% to 2382. We saw 1387 home sales completed in January down 19.3% from December. Median sales price was $227,000 down 1.3% from December. There were 3540 active listing in Phoenix with the average days on market of 72. The average sold price to list price was 96.4% up by .4% from prior month.
Phoenix Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, understand that inventory levels remained flat while sales volume decreased by 19.3% from the prior month. For January, we had an average number of days on market of 72, up 5 days from the prior month. We currently have 2.55 months of inventory available for Sale which is an increase of 23% from December. This shows a weaker seller’s market as compared to last month’s 2.07 months of inventory. If priced correctly, sellers can expect to sell in less than the average 72 days on market we saw in December. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For December, we saw the list to contract price of 96.4% up by .4% from December. We also saw the median price drop to $227,000 a 1.3% decrease from November.
What does this mean if you are a buyer?
For buyers, a inventory of 2.55 months (compared to 2.07 months in December) is welcome news since this indicates we are moving to a more balanced market. Sellers continue to have a slight advantage since there are less homes available. Anything under 3 months of inventory is considered a seller’s market. So those homes that are priced right may get multiple offers. The buyer has to remain diligent about their offers. If you are serious about an offer, have your agent provide you comparable properties to determine the best price for the house. Asking for seller concessions or making a low ball offer is still not a good strategy in this seller’s market. Remember, sellers also know the value of their home in this market. Their agents are keeping sellers updated on recent sales and homes similar to theirs as they come on the market.
Homes For Sale in Phoenix AZ
Below are Homes that have come on the Market in the last 7 Days around the Median price range. Also below the pictures, you will see a Chart of all the Phoenix homes by price and type:
Below are all the Homes available in the city of Phoenix by Dollar amount and type: