And now, our Phoenix Real Estate Market Report for August 2018.
Wondering where home values are headed?
Let’s look back and see what has happened with Greater Phoenix home prices over the last few years and months.
Let’s figure out where the market is headed.
Let’s do some research.
Let’s get down to brass tacks.
🔖 What is the Average Price in Greater Phoenix?
The average monthly sales price in the Greater Phoenix metro is $344,397. As you can see from the chart below this indicator has enjoyed a steady climb for most of the months displayed.
🗓 Months of Supply
The graph below plots months of supply based on the monthly sales rate. It is based on all residential sales noted in ARMLS within the Greater Phoenix area. The current rate of annual sales is resting at 1.7 months of supply.
📊 Volume of Annual Sales
The sales volume of home sales is currently at 95,102. As you can see by the dominant sea of blue bars on the right we are nearly void of bank owned, short sales, and HUD properties represented by the other colors.
📣 Greater Phoenix Housing Market Predictions – August 2018
🏠 Existing Home Sales for August 2018
Existing Home Sales for August 2018 are holding strong. We think that sales volume will continue to be strong for the balance of the year.
🕑 Average Time on Market of Listings in Greater Phoenix for past 5 years
The Average number of days on the market in the valley is around 75. Clearly, 2018 buyers are making their purchases quickly before someone right behind them snatches up the properties they are admiring.
🏘 Active Number of Listings in Phoenix for the Past 5 Years
The active number of listings in Phoenix is trying it’s best to climb, but the consistent pressure being brought onto the market from aggressive buyers is cooling the ascent.
💲 Average List to Close Price
The Average List to Close Price is darned near equal. Less than 2% separates these two numbers. This indicates two things: One, Sellers are pricing their homes realistically. Two, buyers know they have to pay top dollar.
📈 Real Estate Statistics: National Stats
Highlights for the Phoenix Real Estate Market Report – August 2018
- Of the total number of U.S. consumer households that were surveyed monthly in 2017, 63% of respondents were homeowners, 28 percent were renting, and nine percent lived with another person.
- 46 percent of the non-owners were thirty-four years or under, fifty-seven % have an income under $50,000, and 41 percent live in suburbs.
- Non-Homeowners and homeowners both believe that homeownership is considered a part of the American Dream.
- For non-owners, 8 of 10 say that homeownership is still part of their American Dream. Owners are slightly more optimistic at 9 out of 10.
🤑 Maricopa County Median Price Range (past 5 years)
Maricopa County Median Price Range (past 5 years) is a healthy $279,000. A stark comparison to the year of 2011 when the median price nearly dipped below 4100,000.
💰 Average Sales Price for Condos
📅 Months of Condo Inventory Supply in Greater Phoenix
⌚️ Average Time on Market for Condos in Greater Phoenix (over the last 5 years)
🤓 What Does this Data Mean?
Phoenix and surrounding cities are continuing to experience a shortage of inventory. At the same time, the sharp increases in pricing are starting to soften.
🗣 What does this mean if you’re buying a house in Greater Phoenix?
🗣 What does this mean if you’re selling a house in Phoenix?
Our Phoenix Real Estate Market Report – August 2018 is designed to give you the data you need to make your best real estate decisions.Sellers are still raking in the Phoenix real estate market. All indicators point to a continuation of favorable conditions for sellers in Phoenix AZ Click To Tweet
Phoenix Real Estate Market Report – August 2018 Wrap Up
We hope that you are benefiting from this Phoenix Real Estate Market Report – August 2018.
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