Summer is right around the corner, but what does that mean for the AZ Housing Market?

Depending on where you live, you are either just starting to enjoy beautiful spring weather or realizing that summer is just around the corner.  Demand for quality rental homes is continuing at a fairly brisk pace.  We are also finding that a significant number of applicants do not meet our guidelines.  The trick is finding the best match for your home.

Sales of properties in March increased 23.1% (1,531 homes) to a total of 8,153.  This is the largest increase of month over month sales since December 2010.  In the same breath however, sales of existing homes also decreased 8.1% year over year from March 2012.

New inventory of properties in March rose by 10.5% to 9,699 – 7.87% above the twelve month average.  It is interesting to note that with these additional new listings, total inventory of homes declined 4.6% to 20,729.  The available homes for sale in March is slightly below the twelve month average of 21,465. The “Months Supply of Inventory” has dropped to a very low level of 2.54 months.

Homes prices are continuing to rise.  Median list price in March increased 2.6% to $189,900, representing a 26.7% increase over the last twelve months – average list price is $282,800.  Median sales price also increased 4.7% to $167,500, representing a 28.9% gain over the past twelve months – average sales price is $223,500.  What is very interesting is the since home prices bottomed out in 2011, the median sales price has risen $59,200 or 54.66% – average sales price increased $72,179 or 47.68%.

I know I said this last month but it is worth saying again – Now is a time a great time to own investment real estate in Phoenix!”