Here’s the Phoenix Real Estate Market Report – September 2018. In it, you’ll get local John’s commentary on the real estate market, and speculations about where we are headed with Phoenix housing. Watch, listen and read to get the facts straight about the health of the Greater Phoenix residential single family home, townhome, and condo sectors.
Active listings in Greater Phoenix are up 3.4% in August versus July numbers.
This is slightly higher than we expected.
Still, even with this surprising increase, we are low on supply by historic standards.
The number of homes going under contract is continuing to decrease slightly meaning that the price increases will likely continue to soften.
The demand for properties priced under $250,000 is still incredibly strong, so the demand for this price range is going to continue for some time.
All this points to a seller’s market for some time to come even though some indicators show flashes of movement benefiting the buyers.
As the market continues to provide data we will be able to see the shifts on the horizon.
We will continue to report our findings so that you can plan and adjust.
Below is a breakdown of many of the various indicators.
As you look at each think about how that indicator may impact the others.
You will notice that as one goes up another goes down.
Simple, yet not so much.
Still, the numbers don’t lie.
The more detailed you are in your considerations the more prepared you will be to act.
[bctt tweet=”See the Phoenix Real Estate Market Report for September 2018 ” username=”johninphoenix”]
🔖 What is the Average Price in Greater Phoenix?
The Greater Phoenix (Maricopa County) sales price average rose to $333,656 from $330, 294 in the previous month of August.
🗓 Months of Supply
The number of months supply for the valley increased to 1.9 months. The month of August was at 1.7 months.
📊 Volume of Annual Sales
The chart below plots annual sales counts based on the preceding 12 calendar months for the period from 2003 onwards.
🏠 Home Sales for Phoenix Arizona
The charts below show monthly sales for single family detached homes for Phoenix Arizona.
The month of August saw 1601 sales at the high point and wrapped up at 1491 for the final week of the month.
🕑 Average Time on Market of Listings in Phoenix for past 5 years
The charts below show days inventory for single-family detached homes in Phoenix AZ. These numbers are based on annual sales.
🏘 Active Number of Listings in Phoenix for the Past 5 Years
💲 Average List to Close Price
The chart below shows us what a property sold for as compared to what the asking price was.
[bctt tweet=”32% of home sales in the US were made by first time home buyers in August 2018″ username=”johninphoenix”]
📈 Real Estate Statistics: National Stats
- Eighty-six percent of respondents say home prices stayed constant or rose in July 2018 compared to a year ago (91 percent in July 2018).
- 32 percent of home sales in August were accounted for by first time home buyers compared to 33% in July.
- Investment and vacation buyers make up 13% of the sales in August. This number is unchanged compared to July.
- Cash sales made up 20% of the market in August compared to 19% in July.
- Realtors® reported that low inventory and interest rate are major issues impacting home sales.
🤑 Maricopa County Median Price Range (past 5 years)
The median sales price in Greater Phoenix dipped slightly to $272,250 from $273,445 the previous month.
💰 Average Sales Price for Condos
Condo sales in Greater Phoenix during August paralleled the activity in the month of July.
[bctt tweet=”the total number of months of condo supply in Phoenix rose from 1.3 to 1.5months” username=”johninphoenix”]
📆 Months of Condo Inventory Supply in Greater Phoenix
⌚️ Average Time on Market for Condos in Greater Phoenix (over the last 5 years)
[bctt tweet=”The Greater Phoenix Real Estate Market is expected to slump in the 3rd quarter of 2018. This will be the third consecutive drop” username=”johninphoenix”]
🗣 What does this mean if you’re selling a house in Phoenix?
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.
Thank you for taking the time to check out our Phoenix Real Estate Market Report – September 2018.
Available Homes in Greater Phoenix Under 300K