It’s a new year and the market is changing again. Let’s dig in and see where the real estate prices are headed. See our video commentary overview. Press in and study the detailed charts for all of the Phoenix real estate market insight.,
📣 John’s Greater Phoenix Housing Market Predictions January 2019
The Phoenix Real Estate Market Report – January 2019 is out.
Summary for the Beginning of 2019 Greater Phoneix Market
Beginning with the standard ARMLS numbers for January 1, 2019 and comparing them with January 1, 2018 for all types and areas:
- Active Listings (including UCB): 19,900 versus 19,606 last year – ⬆️ 1.5% – but ⬇️ 8.4% versus 21,736 in the previous month
- Active Listings (excluding UCB): 17,339 comparded to 16,697 last 12 months – ⬆️ 3.8% – but ⬇️ 6.6% from 18,563 last month
- Pending Listings: 3,740 ➡️ 4,674 last year – ⬇️ 20.0% – and ⬇️ 18.0% from 4,562 the previous month
- Under Contract Listings (including Pending, CCBS & UCB): 6,301 ➡️ 7,583 last year – ⬇️ 16.9% – and ⬇️ 18.5% from 7,735 the previous month
- Monthly Sales: 6,498 ➡️ 7,197 last year ⬇️ 9.7% – and ⬇️ 2.1% from 6,638 last month
- Monthly Average Sales Price per Sq. Ft.: $164.74➡️ $156.50 last year – up 5.3% – but ⬇️ 1.2% from $166.71 last month
- Monthly Median Sales Price: $260,500 ➡️ $246,000 last year – ⬆️ 5.9% – and unchanged from $260,500 last month
December was not typical. The most evident stat was the low number of listings going under contract. We notice this from the 18.5% reduction in listings under contract versus the beginning of the month. Closings were robust for the first two weeks of December and higher than the same month in 2017, but then dipped big-time in the second half, wrapping up the month almost 10% below December 2017. In every measurable way, December was a feeble month for demand, the weakest December since 2014 for home sales. We have not seen listings under contract this low on January 1 since 2008. The writing is on the wall. Buyers have pulled back. The zeal that we saw over the previous few months is waning without any question.
Sellers seem to be sitting on their heels too. There are fewer listings than this time last year. Additionally, the number of active listings is on the rise because fewer of them are going under contract.
Interestingly we have low supply and low demand. Prices are increasing, but the annual appreciation rate is now on the way down. Still, Greater Phoenix is still above the national inflation rate. The average price per square foot is up 5.3% compared to last year and the monthly median sales price is 5.9% higher than this time last year.
The January numbers will reveal more now that the holiday season is behind us. We should be able to see if recovery is on the horizon or if buyer enthusiasm is going to continue in a downward trend. Our market does not include much in the way of distressed sales. People have equity in their properties and are not desperate to unload their assets. The coming months will be an interesting time as interest rates are most surely on their way up.
🔖 What is the Average Price by Home Size
🗓 Months of Supply
Last month we were at 2.7 months supply. Today we are at 2.5; som this indicator will apply upward pressure on price.
⏳ Days on Market
The number of Days on Market (DOM) below in our Phoenix Real Estate Market Report – January 2019
📊 Volume of Annual Sales
93,420 Sales in Greater Phoenix in 2018!
💲 Monthly Annual Sales Price Per Square Foot
🏠 Existing Home Sales for January 2019
Here our Phoenix Real Estate Market Report – January 2019 illuminates Sales numbers for the current month and compares those numbers to the same time last year.
🕑 Average Time on Market of Listings in Greater Phoenix for past 5 years
The month of December for 2018 closed out with 75 days of inventory for Greater Phx. We are anticipating a significant increase in inventory as homes come onto the market now that the holidays are behind us.
💲 Average List to Close Price
📈 Real Estate Statistics: National Stats
- 33 percent of homes sold in the US were by first time home buyers compared to 29% in 2017.
- Cash sales made up 21 percent of all home sales vs 22% in 2017.
- 22% of home sellers offered incentives to get their homes sold last year. Some offered a free home warranty while others made contributions towards buyers closing costs.
- Realtors® report that home prices and interest rates are continuing to be major factors in home sales over the last 12 months.
🤑 Maricopa County Median Price Range (past 5 years)
💰 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)
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.
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