September 2015 Market Update Phoenix Arizona
The temperatures might be cooling off here in the Valley of the Sun, but the real estate market continues to be hot. The latest statistics are in from the Arizona Regional Multiple Listings service also know as ARMLS or the MLS. Let’s break down the numbers:
Monthly Sales: There were 6,935 SOLD homes in September 2015 which represented at 10.9% gain year over year but a 1.1% month-over-month decline. Most of the homes sold were under $500,000 with the hot price range was in the $200,000 to $300,000 as home buyers are finding it a challenge to find enough homes for sale to satisfy the demand.
Total Inventory: The number of homes for sale in the Phoenix market dropped to 23,308. This represents an 11.6% drop year over year but a 3.9% increase looking at month over month for September 2015. Phoenix are inventory levels have remained steady over the last
year. Inventory levels flucuate vastly based on price range. For example lower priced homes have less inventory vs high priced properties.
Average Days On Market: The average days on market for the month of September was 71 which represented a 13 day drop over the previous year and a 4 day drop over the previous month. Good quality homes for sale are selling a little faster than previous as anxious buyers are looking to move in before the holidays. We are also entering our secondary real estate market in the Phoenix area as our winter visitors start to arrive. The 45+, 55+ and Active adult communities home buying / selling season is just starting as people want to escape cold climates and visit sunny warm Arizona.
You might like: View ALL Active Adult Community Homes For Sale escape the cold winter!
Average SOLD Price: And finally we get to what everyone wants to know about… home prices. The Average SOLD price is up 4.3% compared to one year ago and the average median sales price was up 8.8% compared to a year ago. Recently I attended a real estate class as part of my continuing education. One of the first items covered is statistics and the current market conditions. One of the wow moments that was presented to me was the median SOLD price has almost doubled since 2011. In just four short years, our home prices have doubled. The median price by the way was $211,000. That means have of the homes were sold below this amount and have of the homes were sold above this amount. Back in 2011 at the bottom of our market that price was just $106,000. My how times have changed.
In summary the Phoenix real estate market for September 2015 is healthy. There are an even number of homes for sale and buyers to purchase the homes. In some price ranges (lower) we are experiencing a shortage of homes, while in other price ranges (higher) we still have 6+ months supply. The fall is the start of our active adult community buying, but don’t think that the regular real estate market will slow down. Over the past few years December has been one of our busier months compared to several years ago when it was our slower time of year. It seems a lot of people still want a place to call home… in time for the holidays.