This year is flying by and since we missed last month (apologies for that), here is our April 2019 Phoenix Metro real estate update–this market report will cover all of Maricopa County for the past 30 days or so. Let’s jump in and view the numbers.
There are currently 18450 homes available for sale–this number has fluctuated up and down by 500-700 for many months. At the beginning of 2019, it looked as if the inventory could reach 20,000 units, but activity began to pick up and the numbers quickly fell. Of the active listings on market, the average days on market (DOM) is 99–this number has not changed a whole lot for over six months.
There are 13,142 pending sales (homes under contract) and since March 1, 2019, there have been 14, 142 sales–looking more closely at the sold figures, the average dollar per square foot obtained at sale was $166–the average sale price was $340,775 and most importantly, the average DOM for recently sold properties was 70. If you are interested in knowing what your home is worth, contact us day or night and we can provide a market analysis at no charge. Shown below is a really interesting graphic that details the estimated months of supply by price range for homes in Scottsdale–though you could easily extrapolate the data across the county (with some variation depending upon location).
Above data was provided by Fletcher Wilcox with Grand Canyon Title
As agents, we look very closely at three things: available inventory, current interest rates and days on market (recently sold is most important). The illustration above is a clear indication that in some price ranges, there is a massive glut of homes for sale–this means pricing properly is absolutely critical for any would-be home seller.
We’ve talked about inventory levels and DOM–now let’s take a look at home loan rates. Great news for home buyers is that rates have fallen considerably–for a buyer with excellent credit, a rate near 4% for a 30 year fixed is possible–amazing how cheap money is at the moment. Overall, the outlook for our county looks good–rates are very attractive–though inventory is low at some price points, other price ranges are flush with homes–finally, Maricopa County is growing at a blistering pace and we are one of, if not the fast growing county in the nation. The summer heat is coming and while we do expect DOM to rise a bit, the next few months should still be fairly busy. We hope that you found this April 2019 Phoenix metro real estate update to be helpful.
If you have a question about a community, a property or anything else real estate related, give us call–we’d be honored to help.
