The last three months have been busy in terms of overall sales activity across the county, but not all price ranges have fared the same. Here’s our 2016 2nd QTR Maricopa County Market Update. There are currently a little more than 20,000 active listings and approximately 11,500 pending sales. Low inventory has kept demand strong in the sub-$250K price range while the upper end of the market has been very flat.
This graph shows Market Activity over the past three months:
Key Stats for the Past Quarter Sales
Average Days on Market: 75
Average Dollar Per Square Foot: $160
Median Sales Price: $279,276
The average days on market for all active listings is 118. This chart breaks down key figures for the 26,258 sales that occurred during the past three months–information was obtained from the Arizona Regional Multiple Listing Service:
This graph shows the Average Sold to List Price Ratio which has remained steady for the past quarter:
With mortgage rates at very low levels, we expect demand in the sub-$250K market to remain fairly strong and activity in this segment will pick-up as we ease out of summer. Demand in the $500K to $1M range will remain flat for another month or two, but will gradually increase as we approach the fall. If you need an experienced agent to handle a purchase or sale, please contact a Luxe professional–we are here to serve you. Have a great rest of the summer!