We’re back–it’s been a few months since our last report and now it’s time for our Feb 2019 Phoenix metro real estate update.
The big news right now is rising inventory. Since December of 2018 inventory levels have been on an upward track. Today, we are now sitting at approximately 19,300 active listings across the Phoenix metro area. Buyer demand has waned a bit over the past 60 days–essentially this means the market has softened a bit.
Let’s look at some of the key numbers. For active listings, the average days on market is 102–this number is up from December. Currently there are 10,321 pending (under contract) properties and since January 1, 2019, there have been 7516 sold properties. The average days on market for recent sales is 70–still not too bad considering the rising inventory.
The graph below shows how the Average Days on Market has changed over the past three months:
This graph shows the change in Market Activity over the past three months:
The median sold price over the past six weeks is approximately $326,000 with an average dollar per square foot of $166 and a list to sold price ratio of .98. Distressed inventory is still around 1.5 to 2% of total available properties. Appreciation in 2018 was very good–though we expect things to cool off a bit this year. Appreciation rates across the Phoenix metro area varied by city/town, overall we saw about an 8% increase in home values.
Mortgage rates are below 5%–right now the 30 year fixed rate is approximately 4.75% (rates will vary by individual) and the 15 year fixed rate is around $4.375%. We expect another good year in terms of activity, though appreciation rates may fall a bit and the days on market, as inventory climbs, will likely go up. We hope you enjoyed this Feb 2019 Phoenix metro real estate update. If you have any questions about the market, a community or particular property, contact us anytime–we are here to help make your purchase or sale smooth and hassle-free.