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Phoenix Real Estate Market Update May 2015


 
Monthly Sales
 
Monthly sales in the Phoenix real estate market are up over 9% since last year.
 
Inventory
 
Inventory shortages have been a highlight. We’re down almost 13% since this time last year and down slightly even from last month.
 
Months Supply of Inventory
The months supply of inventory in Phoenix Real estate is quite low, hovering around 3 months. This is good news for Sellers and ties into the inventory shortage we just mentiond.
 
List Prices
List prices have gone up over 7% for the average since last year, and the same goes for the median.
 
Sales Prices
As for sales prices, the year over year average is up almost 6%.
 
Foreclosures
This has been continuously dropping, even another 21% since last year. Delinquency rates are quite low in Arizona so subsequently not as many houses are going into active foreclosure now.
 
Distressed Sales
Although this may seem like a blip on the radar, there still is a submarket of inventory that is going through as distressed sales. Some of these are homes owned by the banks, known as REO. Only a few of those happened in April of 2015. The rest are short sales, where the homeowners have to work with the banks to get them to take less than what they owe. Only a couple hundred of those got done in April of 2015. I specialize in distressed real estate and find that no matter what the market is doing, there are still people out there that fall behind on payments for one reason or another, inherit a house they don’t want or need to sell quickly, in any case. If you or someone you know needs a specialist to sell house fast Arizona, I’d love the opportunity to speak with them.
 
Average Days on Market
This is always a general number and doesn’t take into account any specific neighborhood. But on average, it’s taken a house in the Phoenix-metro market 84 days to sell, down 8 days since March of 2015 and up a couple days since last year.
 
If you want more in-depth information in our monthly newsletter, please subscribe below. In this months edition I share information covering 14 years of sales trends by month, showing volume trends over that time period. You can see how we compare now versus 14 years ago, and where the trend is heading.
 
Also, we dig in a little more behind some of the most important stats like Prices, Inventory and Demand. For those of you who like to be told WHY things are happening and WHAT to keep an eye on, you won’t want to miss this edition.
 
So there’s the short of the Phoenix real estate market update. If you or someone you know is looking to sell, that is what I specialize in, please give us a call. If you just like this sort of information and would like to keep in touch, let’s connect on my Facebook page. I post more insights there, giveaways and market news.
 
Tracy (G+) is a distressed property expert, Investor, Rehabber, and pre-foreclosure specialist.
 
She also is an avid blogger, vlogger, contributor to Real Estate Magazines, and hosts Real Estate Rescue, a show dedicated to the distressed property market.

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