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Phoenix Real Estate Market Report ~ June 2017

The current real time market profile shows there were approximately 10,179 new listings (down 692 listings from last month) on the market in June 2017 and 9,623 sold transactions (down 239 listings from last month). The overall inventory of homes on the market in June 2017 is 21,239 homes (up 9 listing from last month) which is down -22.8% as compared to the number of home on the marker in June 2014. In June 2015 there were 22,475 homes, in June 2014 there were 27,494 homes and in April 2013 there were 19,005 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 $304,678 or an appreciation rate of 8.2% and the number of sold transactions has increased from approximately 6,898 to 9,623 transactions or an increase of 39.5%. In 2014 real estate prices only appreciated 4.5%, in 2015 5.5% and in 2016 4.2% but in 2017 we may reach a double digit appreciation rate. The number of sold transactions usually starts to decrease in July due to summer vacations but we will have to see next month if buyer demand will continue to follow the usual trend. Since July 2016 (12 months ago), the average sold price has increased +11.7% (up from last month), the average days on market has decreased approximately -6.9% (up from last month) and the number of sold transactions has decreased approximately +23.9% (down from last month).

The volume of foreclosure purchases since July 2017 (12 months ago) has decreased approximately -33.9% and the volume of short sales decreased of approximately -36.1%. The current percentage of foreclosure sales and short sales sold is only 2% of the market which indicates a healthy market. Unfortunately, there are still some homeowners who bought between 2005 and 2007 that are still up-side-down as shown in the yearly average sold price chart above.

Since July 2016 (12 months ago), the number of homes for sale on the market have decreased approximately -5.6% or 22,504 homes for sale on the market to a gradual decrease of 21,239 homes (Down 9 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 will continue to increase and interest rates are planned to increase in 2017 so if you are thinking about buyer a home this year will be the time to buy before you get priced out of the market. Give us a call to discuss your best buying or selling strategy, TODAY!!

Position Realty
Office: 480-213-5251

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