The Phoenix real estate market has been bustling since the beginning of this year. Check out our 2018 1st quarter market update plus some info on April housing stats. As of May 7, 2018, there are approximately 16,400 active real estate listings across Maricopa County. There are 12870 pending listings and since January 1 of this year, there have been 33742 sales–compare this to 32603 for the same period in 2017. While inventor remains low, there are still plenty of nice homes available in and around the Phoenix metro area.
The median sale price has increased since 2017. The median home price nationally is around $213,000 and in the Phoenix metro area, the price has reached $270,000.
Median Sold Price for single family homes Jan 2018 to Mar 2018
The average days on market for all active listing is 107 and the days on market for sold listings (all types) since January 1, 2018 is 69.
Average Days on Market for single family homes versus all housing types for 1st quarter
April has been a busy month–there have been over 9100 sales. Currently, distressed inventor accounts for just 2% of the available inventory. The average sold price to list price ratio in April was .99–a strong figure indicating demand is strong for the limited inventory. With temperatures now in the triple digits, the market is bound to cool a bit; however, we expect that this summer will be a little more brisk in terms of sales than last summer. As long as rates remain stable and the economy keeps chugging along, the Phoenix metro housing market should remain attractive. In case you missed our last report, check out our 2018 market outlook. If you have a question about real estate, please contact us — we’d be honored to help.