Below you will find the statistical breakdown and more for the Phoenix area Real Estate Market for April 2018.
Snapshot of Phoenix’s Real Estate Market Statistics for April 2018
The number of new listings in Phoenix for January was 2486 down 6.4% from March. New contracts also decrease by 4.1% to 2643. We saw 2140 home sales completed in April down 5.1% from March. Median sales price was $245,000 up 2.1% from March. There were 3413 active listing in Phoenix with the average days on market of 60. The average sold price to list price was 97.3% up by .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 2.9% while sales volume also decreased by 5.1% from the prior month. For April, we had an average number of days on market of 60, down 6 days from the prior month. We currently have 1.59 months of inventory available for Sale which is basically flat to last month. This continues to show a strong seller’s market as compared to last month’s 1.56 months of inventory. If priced correctly, sellers can expect to sell in less than the average 60 days on market we saw in April. 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 97.3% up by .1% from March. We also saw the median price drop to $245,000 a 2.1% increase from March.
What does this mean if you are a buyer?
For buyers, a inventory of 1.59 months (compared to 1.56 months in March) shows a continued strong seller’s market. Sellers continue to have the 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 and 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: