The big news in our market is greatly reduced housing inventory–do not miss our July 2019 Phoenix real estate market report. Let’s do this.
Back in May we had approximately 16,785 active listings and as of July 27, we have 14,400–this represents a 14% reduction in available homes. Not all price ranges have been affected–for example, there is still excess housing in the $1M plus range. The days on market for active listings across Maricopa County is 105 and the average days on market for sold properties in the past month is 63–very similar to numbers we saw in May.
At all price points, there are few nicely renovated homes for sale–the ones that do get listed are selling very quickly. New list prices are up approximately 5.7% year-over-year and the average sales price is up 5.1% year-over-year.
(Above graphs provided by ARMLS and FBS)
Distressed inventory is still very low and represents just 2% of total available homes for sale. With 30-yr fixed mortgage rates below 4%, demand is still strong. For home sellers in the Phoenix metro area, it’s a great time to list your property. For buyers, you may end up paying close to list or more depending upon your price range; but for folks in the upper price ranges, there are still some good buys out there. If you have any questions about Arizona real estate, please contact us any time–we’d be honored to serve you. We hope that you’ve enjoyed our July 2019 Phoenix real estate market report.