With a lot of talk on rising interest rates and Phoenix’s real estate market projecting to be one of the strongest in the nation. Now is a good time to take a look at the current trends in the market and what we expect. Below is a snapshot of the numbers that buyers and sellers should be aware of if they are looking to buy or sell in first half of 2017.
- Monthly sales are down 10.2% month over month
- Monthly sales are up 12.3% year over year
- New inventory is down 9.24% month over month
- New inventory is down 1.3% year over year
- Total inventory is down 12.2% month over month
- Total inventory is down 1.3% year over year
- Month’s supply of inventory is at 2.7 months making it a seller’s market
- Average days on market is 68, almost identical to 1 year ago at 70
- Average list prices are up 4.9% year over year
- Average median prices are up 867% to $230,000
- Average sales prices are 7.3% to $279,700k
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