Phoenix Metro Real Estate Update
With March 2017 in the books, it’s time for our Phoenix metro 1st quarter real estate update. Let’s start with a few stats taken from the Arizona Regional Multiple Listing Service:
Active listings: 19736
Pending Sales: 13687
Sold Homes Since Jan 1, 2017: 20,284
Overall, activity has picked up across the Phoenix metro area. We are seeing more buyer activity, spurred in part by a drop in interest rates. The average days on market for active listings in all price ranges is 118 and the average days on market for all pending sales is just 73.
As a comparison, this graphs shows the Average Days on Market for the past six months:
This graph shows the change in Median Sale Price over the past three months:
One important indicator is the Average Sold Price to List Price ratio–this graph shows changes over the past three months–essentially, this ratio is holding steady at just over 96%:
With more competitive lending options and still very low home loan rates, we expect real estate sales to remain strong for another 45-60 days. As the summer approaches and more folks leave town, sales will likely slow a bit. According to bankrate.com, these are the current (and lowest advertised) rates for a home loan:
30 YR Fixed: 3.903%
15 YR Fixed: 3.145%
5/1 ARM: 3.723%
If you need a home loan, visit our “get a home loan” page to find reputable lenders. While inventory is still a bit low in some price ranges, it is still a great time to buy given the interest rate climate. If you have a question about the market, a community or particular home, please contact us. If you need help with a purchase or sale, please contact one of our outstanding real estate pros.
