Phoenix Real Estate Market is Continuing to Perform Very Well

Happy New Year.  I hope this year is starting out very well for you.  December was a very busy month for us.  Besides renting four homes I also wrote contracts on three homes that are now in escrow.

The Phoenix real estate market is continuing to perform very well.

Our local Multiple Listing Service reports the following.

  • We sold 7,070 properties in the Phoenix Metropolitan Area in December, 3.8% more than in November.  This has been the norm for the past seven years – apparently some buyers like to close before the year end.  Even though sales were up compared to the month before, they were down compared with last December.  The drop is attributed to the decline in inventory.
  • New inventory dropped over 25% to 6,351.  This decline is also typical of our December market.  In the past twelve years, inventory has dropped 19.18%.
  • The median price of new listings in December was $169,000.  This amount is 30.1% higher than twelve months ago.  The average list price was $251,400 – which is 25.6% greater than last December.  The median sales price was $153,000 in December. The average sales price in December increased by 4.6% to $211,300 – a 30.3% increase over the past 12 months.

All the data and information points towards a very positive year to the Phoenix real estate market.  If your long range plans included adding an additional home(s) to your real estate portfolio, please give me a call and it will be my pleasure to work with you towards that goal.