Arizona real estate is still selling like hot cakes–here’s our 2018 May/June real estate update for the Phoenix Metro area. For the first time in several years, inventory levels dipped below 16,000 units (for all housing types). Currently, the are 15,975 properties for sale across the county and while inventory is very low at some price points and in some areas, other price points are burdened by excess inventory. Distressed inventory remains at just 2%–so, for investors this means fewer deals can be had at below market pricing. In Scottsdale for example, there are just 35 distressed listings and in Paradise Valley there is only one. To get an automated list of new-to-market distressed properties, contact us and we’ll get a search set-up. Search the MLS like an agent here.
Sales activity has been strong all year and since May 1, 2018, there have been 17,160 sales. Currently there are 11,779 homes under contract. The chart below shows Market Activity for the past three months across the Phoenix Metro area:
The average days on market on market has fallen for recent sales to just 61 days and the days on market for all active listings averages 104. This chart shows how the Days on Market has changed since March 1, 2018:
The median sale price since May 1, 2018 is $332,524 with an average list to sale price ratio of .99%. With interest rates remaining below 4.5% and zero down payment loans returning to the market, there will likely be continued demand in the near term. To see national average home loan interest rates, visit bankrate.com. We expect market activity to dip slightly over the next 30 -90 days and then pick up again for the remainder of the year. If you have a question about the market, a community or particular home, please contact us day or night–we’d be honored to help.