With the month coming to an end, it’s time for our Oct 2017 real estate market update for Maricopa County. Let’s dive right in.
Current active inventory levels for all housing types is hovering around 19,000 units–this is up slightly from last month, but still lower than what would be considered “normal” for a market our size. There are approximately 10,000 pending sales and since Oct 1, 2017, there have been 6372 closed transactions. To see how market trends compare to last month, check out our September market update.
This graph shows Market Activity for the past three months:
This graph shows how the Median Sold Price has increased since Jan 1, 2017:
The average days on market has been holding steady at around 65 days while the average sold to list price ratio is currently 96.75%–these numbers will vary greatly by neighborhood. As for predictions about the remainder of the year, here is an excerpt from Lawrence Yun, chief economist for the National Association of Realtors:
“The supply and affordability headwinds would have likely held sales growth just a tad above last year, but coupled with the temporary effects from Hurricanes Harvey and Irma, sales in 2017 now appear will fall slightly below last year,” said Yun. “The good news is that nearly all of the missed closings for the remainder of the year will likely show up in 2018, with existing sales forecast to rise 6.9 percent.”
For more predictions about our market, check out this Forbes article. We believe sales activity in the lower price ranges will remain strong throughout the remainder of the year, while sales of homes in the $500K+ range will remain sluggish. If you need real estate help or have a question, please contact one of our outstanding agents.