Phoenix Metro Real estate market data provided by The Barton Group | 480.242.3079
Phoenix Metro Home Sales Tumble
According to the latest sales data presented by the Arizona Multiple Listing Service in July 2016, total home sales in June 2016 end at 7,630 units, a 13.9% decrease month over month. Compared to a year earlier, sales are down by 3.6%. Download the July 2016 ARMLS market statistics PDF
Some pundits attribute the drop to a quirk in the calendar year wherein the number of business days in July 2016 is fewer compared to July 2015.
“Severely restrained inventory and the tightening grip it’s putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month,” Lawrence Yun, NAR Chief EconomistMesa AZ Market ReportChandler AZ Market ReportGilbert AZ Market Report Queen Creek AZ Market Report
Total Valley home inventory has a month-over-month loss of -4.1% while year-over-year reflects an increase of +3.4%. We started 2016 with a negative YOY inventory, however the number of homes for sale on the market has improved and we have seen positive YOY inventory for six consecutive months to end at 3.4% in July. There has not been a 6 month inventory in Phoenix Metro since 2013. A six months supply of homes for sale is considered the benchmark for a balanced market.
Home Prices Up
There is no lack of demand, but inventory has not caught up as Arizonans hesitate to put their homes for sale. This is turn put pressure on home prices in the Maricopa real estate market. The median price of a single-family home in the Phoenix Metro area increased 6.1 percent between July 2015 and July 2016, to $225,000. Average home prices rose 3.5 percent during that period to $272,800.
With mortgage rates still near historic lows, lock in your housing costs before rates go up! If you are a first time buyer ready to buy your dream home in Mesa or in nearby cities like Chandler & Gilbert, you might be surprised that there is tight competition for well priced properties within your price range.
If you have been looking for a home to buy for the past few months, expect more inventory and less competition. The market is going through seasonal slowing down after the busy spring season. It may be a good thing to review homes that have been on the market for quite some time or those that came in late during the season.
In this fast paced market, homes in good condition and priced right get under contract in days and get sold in less than 3 months (average). Buyer demand is very strong, and inventory of homes or sale is limited. If you are a seller and your home has not yet sold, you might want to sit down with your realtor and reconsider your current asking price and marketing strategy.
Phoenix Metro Real Estate Report Summary
Sales are Down. 7,630 units sold, -13.9% month-over-month, -3.6% year-over-year
List Price Up. The median list price in July for homes in Phoenix Metro is $248,500. The price of homes for sale increased by 8.1% from the previous year.
Home Prices Up. The median sale price in July is $225,000. The median price of homes sold in July 2016 jumped 6.1% from the previous year.
It takes even less time to sell your home. 74 days on the average, -1 day vs last year, -2 days compared to June's 76 days
Find Homes for Sale in SouthEast Valley AZ
Blended market statistics may not reflect the true state of the market in a specific area. If you are looking to buy or sell a home in Chandler, Mesa, Gilbert and Queen Creek, contact us to see detailed market reports in the neighborhood where you are considering selling or buying.