August 2017 Phoenix Real Estate Report

phoenix real estate market updateHighlights of my August 2017 Phoenix Real Estate Market Report:

1. How fast are homes selling? Average number of days on market for homes sold is 65 (down 12 from last year)
2. How many homes are for sale? We currently have 20,689 properties for sale (down 8.5% from last year)
3. What is the average sales price? Homes across the valley are selling for $296,371 (up 8.7% from last year)

What does this mean to homeowners? The Phoenix real estate market is red hot with homes that show well and are priced correctly selling very quickly. Sellers are on average getting 96.8% of their asking price, which is up from 96% at the start of this year. July’s supply (measured by homes listed for sale last month) was down 1.8% from July 2016, while July’s demand (measured by homes sold last month) was up 3.4% from July 2016. This imbalance explains why many homes are selling fast and for close to list price.

What has happened to home prices? With current demand outstripping new supply by a large margin, home values are up almost 9% on average across the valley in the past 12 months. Even with new home construction found in abundance in every corner of the valley, home prices are still rising nicely and supply is struggling to keep up with the strong demand. Our current market absorption remains at a very strong level of 2.63 months (keep in mind, lower is better if you are selling) which is down from 3 months at the start of this year. Absorption rate means that if no additional homes were listed for sale, it would take 79 days for every property listed in the valley to sell, based on this current level of demand.

If you would like detailed statistics specific to your zip code or subdivision, please send me an email.

Curious about your current Phoenix home value? Ask me for your Phoenix Property Value report created especially for your home and emailed to you within 24 hours. It is filled with local market data, demographics, pricing trends, your home’s estimated value and my confidence rating.

Realistic pricing and professional photography to showcase a property are essential in maximizing value and minimizing time on market. Ask about my written guarantee to sell a home within 67 days at a price acceptable to the owner or they get $1,000 from me at closing.

Data contained in this Phoenix real estate report is obtained from the Arizona MLS.

RE/MAX Renaissance Realty
9059 W Lake Pleasant Pkwy #B200
Peoria, AZ 85382