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Phoenix Real Estate Market Report ~ April 2017

The current real time market profile shows there were approximately 10,513 new listings (down 1,678 listings from last month) on the market in April 2017 and 9,365 sold transactions (down 532 listings from last month). The overall inventory of homes on the market in April 2017 is 21,806 homes (down 440 listing from last month) which is down -16.4% as compared to the number of home on the marker in August 2014. In April 2015 there were 24,965 homes, in April 2014 there were 29,308 homes and in April 2013 there were 20,275 homes for sale on the market. Due to the large spike in the number of sold transactions and the decline in average days on market this shows buyer’s demand is strong where inventories may continue to be low and drive up prices.

Since November 2016 after our new president took office the average sales price has increased from approximately $281,000 to $292,500 or an appreciation rate of 3.5% in 6 months. In March we saw a 43.2% increase in the number of sold transaction in one month but this month the number of sold transactions are down 532 or -5.7%. The number of sold transactions usually increases from March until June but we will have to see next month if this will be the beginning of a new trend as evident of a decrease in buyer demand or ability to buy. Since April 2016 (12 months ago), the average sold price has increased +3.5% (up from last month), the average days on market has decreased approximately -2.6% (down from last month) and the number of sold transactions has decreased approximately -0.1% (down from last month).

The volume of foreclosure purchases since April 2016 (12 months ago) has decreased approximately -17.0% and the volume of short sales decreased of approximately -38.1%. Since April 2013 the number of foreclosures have decreased -545.7% and the current percentage of foreclosure sales is only 2% of the market which indicates a healthy market. Also, since April 2013 the number of short sale transactions have decreased -1,076.9% and the current percentage of short sales sold is only 2% of the market. Unfortunately, some homeowners who bought between 2005 and 2007 are still up-side-down as shown in the annual average sold price chart above.

Since April 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -12.2% or 24,840 homes for sale on the market to a gradual decrease of 21,806 homes (Down 440 homes from last month). The total number of listings is low as compared to 29,308 listings in August 2014. This decrease in the number of homes for sale indicates we are currently in a seller’s market (low supply and increased demand).

Real estate prices are still relatively low (near 2008 prices), interest rates are planned to increase in 2017 and the macroeconomic market is improving both in terms of prices and the overall economy. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

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