Watch our Phoenix Real Estate Market Report – February 2018 video. See the graphs and charts for our Phoenix housing market. Find out what your home is worth in today’s real estate market.

📣 John’s Greater Phoenix Housing Market Predictions February 2019

Buyers the opportunity door is still wide open. Interest rates have fallen again. A few months ago the rates were supposed to continue up to cover the national debt. Now they are down some. They go up they go down. Sometimes it’s hard to figure out where those guys are going over at the FED. It seems that the national concern for the economy trumped (no pun intended Don) the need to pay off debt. So, for now, rates are low. As rates move they can make a big impact on our buying power. Example. Right now rates are about a half point higher than they were this time last year. Prices are up too. That being said, if prices were exactly the same the 1/2 point increase in rate means a difference of about $100 per month in payment. So, one might think that it’s better to rent for now. While there is flexibility in renting there is little control over rates. So be prepared for rents to continue to rise as the economy keeps humming along. Home prices and rents have both increased by over 8% in the past 12 months, so buyers gain a little more control over expenses by fixing in their interest rates compared to renters who are at the mercy of the landlord.

Sellers, the market still belongs to you. Albeit, the buyers are doing their darndest to pull back. The supply of available housing is 34 percent below normal compared to 12 months ago when it was a whopping 36 percent lower than normal. Buyer demand has softened non-the-less. The shift is likely due to the perception of an overvalued market. Twelve months ago demand was measured at 1% above normal levels; today demand is 13% below the watermark. Until this buyer sentiment impacts supply levels, the market will continue to favor sellers. We entered 2019 weaker than the previous years for sellers, but there is still no denying that our local real estate market continues to favor those who have property to sell.

Phoenix Housing Market Prognosis

If you are a buyer there is a lot to hang your hat on in this environment. Many of the renovations are breathing new life into older homes located in desirable parts of the valley. Interest rates are extremely low, so house payments will be kept manageable and within reach for many. Home prices are still quite a bit lower than other major cities across the Western US like San Diego, Denver, Portland, and Seattle. The good news for sellers is that now is a good time to sell. You still have the edge. So if you are thinking about selling this is a good time to do it. Thank you for checking out our Phoenix Real Estate Market Report – February 2018. Please read down the page and see all the charts, graphs, and commentary for your real estate decision making in our Phoenix metro housing market.

🔢 Phoenix Real Estate Market Report – February 2018 Infographic

🏡Phoenix Real Estate Market Report - February 2018 - infographicEvery picture tells a story, right?

Look at this for a minute or two and you’ll get a pretty darned good idea of what our housing market is like here in the Phoenix metro.

🔖 What is the Average Price by Home Size (city of Phoenix)

Phoenix Average home price under 1400 sq ft

Phoenix homes 1401 - 1800 sq ft Average price

Average price of Phoenix home Jan 2018-1801 - 2250 sq ft

Average price Phoenix Home Jan 2018 - 1801 - 2250 sq ft (1)

Jan 2018 Average Home Price for houses 3001-5000 sq ft

Avg price home in Phoenix Over 5000 sq ft

⏳ Days on Market

Average Cumulative Days on Market Feb 2019
The Days on Market graph portions of opur 🏡Phoenix Real Estate Market Report – February 2018 keeps us current on the always changing DOM aka: Days on Market indicator.

DOM_under 1400

DOM_under 1402-1800

DOM_under 1801-2,250

DOM_under 2,251-3,000

DOM_under 3001-5000

DOM_over 5000

🗓 Months of Supply

Months of Supply Phoenix AZ Feb 2019

📊 Volume of Annual Sales

Annual Sales rate Phoenix AZ Feb 2019

Monthly Annual Sales Price Per Square Foot

Monthly Average Sales Price per Square foot Phoenix AZ Feb 2019

🏠 Existing Home Sales for January 2019

Sales per Month - Phoenix AZ Feb 2019
This graph shows us that the existing home sales number is low compared to recent previous years. Our 🏡Phoenix Real Estate Market Report – February 2018 will help you stay current with this and other important indicators.

🕑 Average Time on Market of Listings in Greater Phoenix for past 5 years

Phoenix housing inventory Feb 2019

🏘 Active Number of Listings in Phoenix for the Past 5 Years

Active Listings Phoenix AZ Feb 2019

💲 Average List to Close Price

List Price and Sales Price per Sq Ft - Phoenix Feb 2019 The list to close price demonstrates the urgency (or lack thereof) that exists between buyers and sellers. The pressure to lower prices or hold fast keeps this important stat at the top of every listing agents mind. It is a big portion of the pulse that tells us where the market is headed.

This indicator allows us to forecast the coming trends for our sellers. This 🏡Phoenix Real Estate Market Report – February 2018 relies on this data to give you what you need to make a well-rounded decision about listing, pricing, and selling in general.

📈 Real Estate Statistics: National Stats

Real Estate Statistics - National Stats _ US Map

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highlights

  • Properties were generally on the market for 46 days. At this same time in December 2017 the average was closer to 40 days. This is a significant change of well over 10%.
  • Cash sales represented 22% of the market compared to 20% in 2017 of December.
  • In December 2018 over 22% of all sellers gave buyers some sort of concession (closing costs, pre-paids, etc)  This is an increase of two percentage points over the previous year.
  • Vacation home rental and investment purchases represented 13% of all closings as compared to 16% in 2017.

🤑 Maricopa County Median Price Range (past 5 years)

List Price and Sales Price per Sq Ft - Phoenix Feb 2019

💰 Average Sales Price for Condos

Monthly Avg Sales Price - Phoenix AZ - Feb 2019

 

📆 Months of Condo Inventory Supply in Greater Phoenix

Months supply of condo inventory - Phoenix AZ - Feb 2019

 

 

 

 

⌚️ Average Time on Market for Condos in Greater Phoenix (over the last 5 years)

Average Time on Market for Condos in Greater Phoenix - Feb 2019

 

Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.

See Additional Reports on the Phoenix Real Estate Market

Here’s the most recent home listings just added to the database in the average price range for Phoenix.

All homes here are priced at $300,000 or less.

Available Homes in Greater Phoenix Under 300K


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