Thinking about buying a house in Phoenix?
One of the questions that I get asked most often from buyers is how much should I offer. Many out-of-state and out-of-the country buyers often think that Phoenix real estate is still in a desperate situation, but it’s not, and hasn’t been for quite some time.
Take a look at these stats documenting the real estate market changes for Maricopa County (aka Phoenix Metro) in the past year, that were just released by the Arizona Regional MLS this morning:
- Median Sale price – up 33%
- Average Sales Price – up 28%
- Percent of List Price Received (Offer price compared to listing price) – 100.2% (This is a biggie, since many buyers often want to start low, afraid that they will be paying too much.)
- Homes for Sale – -19%
- Closed Sales – -16% (If there were more homes for sale, this number would presumably increase.)
- Months Supply of Homes – -7% (If all the homes listed, sold at the current rate, they would all be sold in less than 3 months!)
- Days on Market – 45 days, down 32%
The market is strong. More buyers would be buying if there were more homes on the market. While some reports are showing that the market is slowing a bit, my perspective is that’s healthy. Too much change, too fast can be traumatic. As we’ve seen in the past.
If you’d like a full copy of the ARMLS report, just send me email, and I’ll get it to you ASAP.
More on Phoenix real estate:Is Atlanta the next Phoenix?”
- Phoenix is a Seller’s Market for Homes Priced under $500K
- Phoenix Real Estate Update: More new homes sold than lender owned