Phoenix Real Estate Market Update February 2015

Phoenix Real Estate Market Update February 2015

Monthly Sales
Monthly sales for January 2015 went down a bit since last month and slightly from last year, landing at 4,784 units.
New Inventory
New listings are coming on the market faster, so inventory for the Phoenix real estate market and surrounding areas have ticked up quite a bit since December 2014, but is down 6% since last year.
Total Inventory
We have about 27,000 units available in January, up almost 9% from last month but down 5% from last year.
Months Supply of Inventory
Months supply of inventory has increased to 5.67 months.
New List Prices
Listing prices have continued to increase and are up 10% since January of 2014, with an average list price of $354,000.
Sales prices
Sales prices are a little slower to follow at a 5.% gain from January of 2014, with an average sales price of $255,000.
Sales Price Forecast
The prediction is that we will see average sales prices drop slightly in the coming month.
phoenix real estate market february 2015Foreclosures
Phoenix-metro foreclosures are back to normal, despite recent false metrics from a large company claiming they are a data provider. Don’t worry folks, the sky is not falling; Phoenix is doing well in the way of distressed properties. If you need a little gloom and doom though, check out this latest blog post on housing crisis in the making.
Distressed Sales
There is really nothing new to report here and there hasn’t been for awhile. The Phoenix real estate market has really normalized and a small amount of distress is still considered OK. Short sales and REO’s are still lingering around 10%, the historic norm.
Average Days on Market
The amount of time a home is on the market before it sells is considered days on market. This metric has increased by 17 days since last year, and 8 days since last month.
Insider Insight
Are you an insider? Subscribe to my monthly newsletter to gain insider access to the information behind the scenes. For instance, what’s driving prices, where are we heading and what is affecting the market. As we move into Spring season this is pertinent information to know. You can sign up below just by adding your name and email, that’s all!
Tracy(G+) is a Distressed Property Expert, Investor, Rehabber, and pre-foreclosure specialist in the Phoenix-metro market. She also is an avid blogger, social media enthusiast and contributor to leading Real Estate Magazines. Connect with Tracy on Facebook.

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