Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for December 2017.
Snapshot of Phoenix’s Real Estate Market Statistics for December 2017.
The number of new listings in Phoenix for December was 1441 down 27.8 % from November 2017. But in addition, new contracts also decreased by 17.9% to 1624. We saw 1718 home sales completed in December up 2.6% from November. Median sales price was $229,900 flat from November. There were 3560 active listing in Phoenix with the average days on market of 67. The average sold price to list price was 96.0% down .1% 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 dropped by 9.4% while sales volume increased by 2.6% from the prior month. We had an average number of days on market of 67, flat to the prior month. In December, we currently have 2.07 months of inventory available for Sale showing a stronger seller’s market as compared to last month’s 2.34 months of inventory. If priced correctly, sellers can expect to sell in less than the average 67 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 96.0% down by .1% to November 2017. We also saw the median price of $229,900 remain flat to November.
What does this mean if you are a buyer?
For buyers, a inventory of 2.07 months (compared to 2.34 months in November) shows a strengthening in the seller’s market. Not the best news if you are looking to buy. Sellers continue to have an 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. Homes priced correctly relative to location and condition are selling closer to the original list price and selling quickly. 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 offers 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 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 showing all the Phoenix homes by price and type:
Below are all the Homes available in the city of Phoenix by Dollar amount and type: