With June around the corner, it’s time for our May 2019 Phoenix real estate market update. Let’s see what’s happening.
As of May 30, 2019, there are 16,785 active properties for sale across Maricopa County–inventory has fallen by ten percent in the last 30 days. The average days on market for the active listings is 102–up from 99 last month. Check out how the active listings have changed year over year:
There are currently 13,259 properties under contract and over the past 30 days there have been 9957 sales. The average days on market for recently sold properties was 65–down five days from last month. The average sold price for the past 30 days was $349,186–the average list to sold price ratio was .98 and the average dollars per square foot obtained at sale was $182. Keep in mind that these figures will vary greatly by area and by property.
These graphs show the absorption rate based upon demand and the sold to list price ratio from May 2018 to April 2019:
With inventory falling and home loan rates very low, we expect demand to be stronger this summer than in past years. If you have a question about a community, particular home or just a general real estate question, reach out any time–we’d be honored to help. If you are a first-time home buyer, you might also like our Home Buyer Insight page.
(Above graphs provided by ARMLS and FBS).