October 2017 Phoenix Market Update

As we move into Fall-o-ween (is that a thing or did I just come up with that?), I wish I had more exciting real estate news for you. But, stability can be great news, too.
 
Here is what’s happening in the Phoenix Real Estate market as of October 2017.
 

 
Monthly Sales
We are about the same as we were last time this year, but down almost 10% since last month
 
New Inventory
This has been a consistent problem for several years but since last year we’re only down about 3%.
 
Total Inventory
Again, this is an ongoing frustration in the Phoenix real estate market, in that, we’re not getting enough new inventory to keep up with Buyer demand. Right now we’re down over 9% from where we were at last year around this time. There was a very slight uptick since last month, but our numbers are still very much indicating a sellers market.
 
Where are you Sellers? If you’re thinking about selling your home, call us! 602-899-4111
 
Months Supply of Inventory
All this lack of inventory bleeds into the same conclusion; we’re still in a Seller market. We have less than 3 months supply available at this time.
 
List Prices
With the same idea in mind, the lack of inventory has caused list prices and sales prices to continue to rise. Average list prices are up about 3%.
 
Sales Prices
Consequently, what we’re seeing as an end result is also a steady rise in sales prices for many years. Just within the last year, the average sales price went up 4%.
 
Foreclosures pending
Currently there’s about 2,500 foreclosures happening in the Maricopa County, which is below our pre-recession levels. There’s just not a lot of people in foreclosure here these days. If you or someone you know is behind on payments, facing foreclosure or in foreclosure, though, please give us a call; we specialize in working with sellers and providing options.
 
Distressed Sales
There will always be a small percentage of the market that is sold as a short sale or REO; that will never completely go away, no matter how healthy the economy is. Last month we saw around a 150 sales happen in that category, with lender owned sales being the majority of that.
 
Days on Market
As a snapshot, a Seller could expect their home to be on the market at least a couple months before it sales. Now of course this is very much an average, so if you’re actually interested in selling you would need to have a Comparable Market Analysis done for your specific area to review the supply/demand based on it’s condition, upgrades, etc. If you’re interested in getting one for your home, please contact us.
 
National Real Estate Market Updates – are we in a bubble?
 
There’s so much floating around about “the market” that sometimes it’s hard to know what to ignore and what to pay attention to as a matter of importance. Real estate in general is such a local activity, though, that there’s no way to take national stories and apply them specifically to your situation.
 
Although there may be some common themes, how “the market” is doing very much depends on if you’re a buyer / seller / renter / investor, etc but also what you want to accomplish. Lastly, it’s worth noting that these national stories may change depending on where they collect their data, how they view it and how they present their conclusions. So, my recommendation, if you like to stay “in the know”, is to find and follow local real estate sources that extrapolate data from local sources and give you a clear window into what’s happening in your area. We also hope to be one of those sources for you! You’re welcome to follow us on Facebook for market updates and insights, or subscribe to our blog.
 
What do you think? Think we’re heading for a bubble soon? Leave your comments below. Until next time!
 

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