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Phoenix Metro 1st Quarter Real Estate Update

March 31st, 2017

Home > Arizona Real Estate News > Phoenix Metro 1st Quarter Real Estate Update
April 2019 Phoenix metro real estate update

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.

 

Filed Under: Arizona Real Estate News, Phoenix Real Estate Market Tagged With: Arizona Real Estate News, Arizona Real Estate Stats, Maricopa County Real Estate, Phoenix Real Estate

About Luxe Real Estate Group

The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.

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