Below you will find the statistical breakdown and more for the Tempe area Real Estate Market for May 2018.
Below is a snapshot of May’s Real Estate Market Statistics for Tempe AZ
The number of new listings in Tempe for May was 235 down 11.7% from April. New contracts increased by 2.3% to 268. We saw 250 home sales completed in May up 18.5% from April. Median sales price was $300,000 up 10.7% from April. There were 261 active listing in Tempe with the average days on market of 40. The average sold price to list price was 98.0% up by .6% from prior month.
Tempe Homes for Sale by Bedrooms & Median price:
What does this mean if you are a seller?
For sellers, inventory levels dropped by 10.6% while sales volume increased by 18.5% from the prior month. We currently have only 1.04 months of inventory available for Sale which is a decrease of 25% from April. This shows an extremely strong seller’s market as compared to last month’s 1.38 months of inventory. If priced correctly, sellers can expect to sell in less than the average 40 days on market we saw in May. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For May, we saw the list to contract price of 98.0% up by .6% from April. We also saw the median price increase 10.7% to $300,000.
What does this mean if you are a buyer?
For buyers, a inventory of 1.04 months (compared to 1.38 months in April) is not welcome news since this indicates we are moving to an even stronger sellers market. Sellers have a distinct 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 a low ball offer is 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 Tempe 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 Tempe homes by price and Type:
Below are all the Homes available in the city of Tempe by Dollar amount and type: