This edition of the STAT December 2016 with 2016 Year in Review newsletter covers December 2016 data along with review of 2016(scroll down to page 7 of the newsletter for 2016 year in review). Tom Ruff of the Information Market mentions two important words to describe the 2016 market: stable and improving. These two words continually came to mind as Tom reviewed the 2016 housing metrics. By July, 2016 was being labeled 2015 the Sequel or maybe even Ground-hog Year. Through the first seven months of 2016 ARMLS reported 52,721 sales compared to 51,948 in 2015, a 1.5% increase. In August, the gap in sales volume began to widen. In the last five months of 2016 demand was 11.43% higher than the last five months of 2015. If 2015 was an average year, 2016 was slightly above average. In terms of the 16 years ARMLS has been reporting sales data, 2016 was the 7th best.
Check out the 2016 highlights below and be sure to read the entire STAT December 2016 with 2016 Year in Review newsletter.
December 2016 STAT Highlights
Monthly Sales – 7,036 Units Sold – Up 3.4% from last month. Up +4.4% from last year.
New Inventory – 6,295 Listings – Down 23.8% from last month. Up 6.2% from last year.
Total Inventory – 22,536 Active Listings for Sale. Up 8.7% from last month. Down 1.6% from last year.
Months Supply of Inventory – 3.2 Months. Down slightly from last month.
New List Prices – Average List Price is $337.1K. Up 3.6% from last year.
Sales Prices – Average Sales Price is $281.4K. Up 5.2% from last year.
Foreclosures Pending – Approximately 3,310 Units – Down from last month. Down 23.1% from last year.
Distressed Sales – 270 Units or 3.8% of current total sales in MLS. Down 35% from last year.
Average Days on the Market – 77 – Up 2 day from last month. Down 1 day from last year.
If you are a potential home buyer and have questions regarding the current real estate market data in the specific area where you are planning to purchase, be sure to consult with your Realtor or feel free to Contact US.
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Arizona Regional Multiple Listings Service’s (ARMLS®) monthly statistical newsletter STAT, provides a timely view of what is happening to the residential real estate market in the Valley of the Sun – The Metro Phoenix Area. Unlike statistics compiled by other entities, it does not rely on third party data. STAT’s focus is on SALES and ACTIVE INVENTORY, year over year and month over month, including details on sales prices, foreclosures and short commentary. * The most current version will provide data from the previous month.