Phoenix and East Valley Area Market Report for January 2017.
The Phoenix market is constantly growing and changing. Here is the January 2017 Phoenix Real Estate market report for you to enjoy.
Below are all the Homes available in the City of Phoenix by Dollar amount and type:
Navigate this Market Report:
For the Phoenix east valley area, the average days on the market before a home sold was 74 days. The sale price to list price for January 2017 was 95.7%.
How should this Data be interpreted?
For the Phoenix market at the end of January, there were 2.81 months of inventory on the market. This means that if no more houses came on the market, it would take 2.81 months for all existing inventory to sell. A key calculation Real Estate agents track is how fast the Housing Inventory is turning. When we divide the number of properties on the market by the number sold we determine how many months of inventory is available. Typically, when we are under three months of inventory this is considered a Seller’s market. This means there is more competition for homes, and homes typically sell closer to list price, and often with multiple offers.
What does this mean if you are selling your home in Phoenix?
As a seller, it means that inventory levels are down in the Phoenix area in favor of sellers, inventory is down and demand is up. If priced correctly, sellers can expect to sell in less that the average 74 days on market we saw in January. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For January we saw the list to contract price was 95.7%.
What does this mean if you are buying a home in Phoenix?
For buyers, this means there is more competition for homes priced correctly relative to location and condition. 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 and making a lowball offer is not a good strategy in a seller’s market. Remember, sellers also know the value of their home in this market. Their agents are keeping the updated on recent sales and homes similar to theirs as they come on the market.
Why a Look at the Phoenix Statistics is not enough
When you look at the data for different parts of the Phoenix area (by a city, by zipcode etc.) you will see dramatically different results. Each part of the Valley performs based on its own indicators and needs to be examined specifically to determine the strategy for buying a home in Phoenix or selling a home in Phoenix.
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 link to additional homes in this price range: