Our Phoenix Real Estate Market Report for August 2018 will spell out the facts. No more having to rely on your buddy’s “hunches”. Here, it’s all about the data. There are charts, graphs, and commentary to help illuminate the Phoenix real estate market.

Phoenix Real Estate Market Report - August 2018And 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.Graph showing the Average Price in Greater Phoenix

🗓 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.Graph showing Months of Supply - August 2018

📊 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.graph showing Volume of Annual Sales - August 2018

📣 Greater Phoenix Housing Market Predictions – August 2018

Greater Phoenix Housing Appreciation is likely to relax and return to historical averages of around 3% Click To TweetJudging by all of the data seen in our charts and graphs it appears as though the indicators are pointing towards a leveling in appreciation. It is likely that the Greater Phoenix metropolitan will relax the rate of hyper-appreciation realized over the past few years. We will probably return to the historical 3 percent annual appreciation that the valley typically sees.

🏠 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.

graph of Existing Home Sales for August 2018

🕑 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.

graph showing Average Time on Market of Listings in Greater Phoenix for past 5 years - August 2018

🏘 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.

graph showing Active Number of Listings in Phoenix for the Past 5 Years

💲 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.

chart showing the Average List to Close Price per square foot - August 2018

 

📈 Real Estate Statistics: National Stats

Real Estate Statistics - National Stats _ US Map

 

 

 

 

 

 

 

 

 

 

 

 

 

Highlights

  • 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.

Graph depicting Maricopa County Median Price Range (past 5 years) - August 2018

💰 Average Sales Price for Condos

chart showing A Look at the Condo Market - August 2018

📅 Months of Condo Inventory Supply in Greater Phoenix

Months of Condo Inventory Supply in Greater Phoenix

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

graph: Average Time on Market for Condos in Greater Phoenix

🤓 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?

Phoenix Real Estate Market Report – August 2018 Wrap Up

Wondering what your home might be worthFind 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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