We’ve reached the end of November so now it’s time for our Nov 2017 real estate market update for Maricopa County. Let’s jump right into the numbers:
As of November 30, 2017, there are 18,531 active listings across the county–this is a fairly small number for the Phoenix metro area, but not so small that demand is driving prices sky high. 13,000 units are priced under $499,000–approx $3000 are priced from $500K to $1M and a few thousand homes are priced from $1M+–the market above $400K (in most parts of the county) has stalled with the average days on market (DOM) for active listings around 133 days.
This chart shows active listing history for the past five years for the month of October–as you can see, we’re at similar levels to 2016, but a bit lower.
Demand in the lower prices is still pretty decent. There have been approx. 5700 closed sales since October 31 under $399K and the average days on market for those sales is just 57 days. This chart shows Market Activity for the past three months:
This chart shows the change in Median Sale Price over the past three months:
So where’s our real estate market headed? Moody’s economists suggest that Phoenix is poised for a strong year in 2018: “Booming industries like finance and construction, and an expanding retirement-age population, suggest strong housing growth for Phoenix in the next year.” NAR has predicted strong growth for 2018 as well and that low inventory and tax reform could have an impact on the market. If you have a question about the market, a community or particular home, please contact us–we’d be honored to help.