Tempe Real Estate Market Report for March 2017.
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Below are all the Homes available in the City of Tempe by Dollar amount and type:
Navigate this Market Report:
- February Statistics
- What does this Data Mean?
- Understanding the Data if you are a Seller/Buyer
- Market Statistics for Surrounding Cities
Below is a snapshot of February’s Real Estate Market Statistics for Tempe;
The median sales price for homes in Tempe for February 2017 was $245,500. The “median” price is the middle price of all homes sold.
The average days Tempe homes were on the market in February 2017, before selling was 75 days.
The average sale to list price 96.2%. This number is helpful to understand home as sellers are pricing their home and buyers are contemplating offers. Buyers and sellers still want to pay attention to comparable homes when making and accepting offers. Typically the longer a house is on the market, we see price reductions. This often happens when sellers start too high in price, often wanting to “test” the market.
Tempe Homes for Sale by Bedrooms and Median Price:
How should this Data be interpreted?
Tempe experienced a slight decrease in inventory on the market for February dropping from 318 to 291 homes for sale. There also was a slight drop in sales, going from 152 sales to 144 sales. The average days homes were on the market in Tempe was flat, going from 76 days to 75 days. The sale to list price for Tempe increased from 95.7% to 96.2%.
What does this mean if you are selling a home in Tempe?
As a seller, we saw inventory levels decrease slightly from January, and sales are also decreased slightly For February, we saw average days on the market were flat, going from 76 to 75 days. If priced correctly, sellers can expect to sell in less than the average 75 days, perhaps less. Buyers are not going to overpay, but houses priced correctly and in good condition will sell, often with multiple offers. For February, we saw the list to contract price was 96.2%, up slightly from 95.7% in January. We also saw the median price decrease slightly from $251,000 to $245,500, a drop of 2.2%. This continues to be a good time to sell.
What does this mean if you are buying a home in Tempe
Inventory is down in Tempe month over month, resulting in fewer sales. Days on market is flat at 75 days. What will be important to buyers is that the sale to list price increased slightly, meaning homes are selling closer to list price. With only 2 months of inventory, buyers need to be quick when making decisions and put forth their best offer. Buyers have less inventory to choose from and homes are selling closer to list price. A serious buyer should think carefully and discuss with their real estate agent whether asking for seller concessions and offer significantly below list price is good strategy.
Below are Homes that have come on the Market in the last 7 Days around the Median price range in Tempe. Also below the pictures, you will see a link to additional homes in this price range:
Since we are focusing on the Market Statistics for East Valley locations, below you will see the links specifically for those cities:
View All Current & Past Phoenix & East Valley Real Estate Market Reports
