Sales Increase as Sellers Push Value

I follow several local and national economists tracking information that I believe is important to all of us residential real estate investors. What continues to amaze me the level of research and interpretation they provide. For example, there were three fewer business days in April 2017 as compared with the month earlier and as a result April appeared to be a slower month even though the number of sales per day climbed over March.

The Phoenix Real Estate Market continues its trend for 2017 with the number of Sales increasing and the number of new listings falling. This market is certainly challenging me to find bargains for my Buyers, although it is allowing me to push value for my Sellers, especially those homes that have been nicely updated.

In the Metropolitan Phoenix Area, sales decreased 4.9% from March 2017, and increased 4.5% compared with April 2016. New Inventory is down 14.0% from March, and has also fallen 5.2% from 12 months ago. Total inventory of homes for sale is down 1.8% from the month prior while year-over-year reflects a decrease of 10.5%. Supply of inventory moved down from 2.70 to 2.79 months. The year over year median list price was up 4.0%. The average sales price increased 7.5% and the median sales price also rose by 5.4%. Pending foreclosures showed a decrease of 2.9% from March and were down 27.8% from one year ago. Average Days on Market decreased by 2 days compared with March.

Now is a great time to own real estate in Phoenix!