Phoenix Metro Real estate market data provided by The Barton Group | 480.242.3079
'Twas A Great Month for Phoenix Metro Home Sales
- Per the latest sales data presented by the Arizona Multiple Listing Service, total home sales in November 2016 ended at 6,804 units, a whopping 28.1% increase compared to last year. As expected, less homes sold in November vs October 2016 with sales down by 2.5%. Download the Nov 2016 ARMLS market statistics PDF
- November 2016 sales had the third highest resale home volume in the past 19 years according to tax records. This record is only surpassed by 2004 and 2005 figures when the market was at its peak.
- Sales of newly constructed homes rose by 43% year over year.
" The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months." Lawrence Yun - NAR Chief EconomistMesa AZ Market ReportChandler AZ Market ReportGilbert AZ Market ReportQueen Creek AZ Market Report
Home Inventory Flat
Conditions remain unchanged in November with a 3.63 months supply inventory of Metro Phoenix homes, up by only .04 vs October 2016).
There has not been a 6 months' inventory in Phoenix Metro since 2013. A six months' supply of homes for sale is considered the benchmark for a balanced market.
While inadequate inventory continues to drive home prices up, many home buyers find better availability and affordability in the winter months, before the traditional spring buying season begins.
Mortgage rates have risen. You might have missed on getting a mortgage rate less than 4% but the current rates that we have are still low. Securing a mortgage now means you can get more house for your money.
There are opportunities for buyers looking to buy across all price ranges. We can help you find them! You can reach us at 480.442.2099 or email firstname.lastname@example.org
If you are thinking of moving up to your dream home or downsizing to a property that will better suit your needs, it is a great time to sell. Many sellers decide to wait until the spring buying season to put their home on the market, but this winter is not like recent years. Houses are selling. Demand continue to outpace supply despite rising home prices. Competition, which are other homes on the market for sale, is at historically low levels. Hire a professional with great marketing plan and is knowledgeable about current market trends in the area to price your home right. This will guarantee you maximize the price you get for your house.
Phoenix Metro Real Estate Report Summary
Sales are Up. 6,804 units sold, +28.1% year-over-year, down -2.5% month on month
Inventory Flat. Months supply of inventory was 3.63 in November with October at 3.59.A balanced market has 6 months of inventory.
Home Prices Rise. November saw a jump in median sales price to $226,000, an 8.1 % increase vs the same period last year.
It takes more time to sell your Arizona home. 75 days on the average, +2 days more when compared to last year's figures, while homes sold 1 day faster compared to October 2016.
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.