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Phoenix Real Estate Market Update August 2015

Phoenix Real Estate Market Update August 2015

This is a positive sign, we saw almost 17% more sales this year then we did last year. And don’t fret too much about the drop from last month. It’s typical for our sales to peak out in June and then keep going down each month until November.

Our inventory shortage hasn’t shifted much, although we’re up only 7 percent since last year you’ll see in our Monthly Supply of Inventory & Total Inventory that we are still very much in a Sellers market.
As I just mentioned, our inventory levels for Phoenix real estate have been lackluster for some time. This is where people get confused about supply and demand, meaning, it’s not because demand is up that the market is doing well, it’s just that demand is NORMAL and supply is not, hence the activity of sales.
We have once again sunk back into less than 3 months supply of inventory here. I don’t envy home shoppers right now, as around 6 months supply is considered normal. If you’re thinking of Selling, this is a great indication that you’re more inclined to sell for a higher price and faster. If you want to know what you’re homes worth, please contact me.
Average list price is hovering around $303,000, with median prices around $229,000. The statistics are strong, showing that the YOY average for list prices has risen over 8%.
These also show a positive trend with a 5.6% YOY average increase to land at $263,700.
Foreclosures have continued to decline and will continue to decline, which isn’t news. But, there are still investor that buy properties from auction.
Same thing with distressed real estate as foreclosures, these have continued to go down for years and are all but gone. Obviously, there will always be some properties that are selling as distressed but these are 99% way through.
This is also a good sign for Sellers and the Average Days on Market has declined since last year and even since last month.
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