ARMLS just released the STAT February 2016 newsletter, which covers residential real estate data for the Valley of the Sun – Metro Phoenix, AZ. In this month’s issue, Tom Ruff of the Information Market mentions that if you were to ask three different agents what’s happening with home prices and you will get three different opinions. Oddly, they might all be correct. Prices have heavy upward pressure below $250,000, are moderate in the mid-ranges and are slow to negative in the luxury market. High demand and limited supply in the lower price ranges have pushed up the median sales price.
Check out the STAT highlights below and be sure to read the entire STAT February 2016 newsletter.
February 2016 STAT Highlights
Monthly Sales – 5,718 Units Sold – Up 11.4% from last month.
New Inventory – 10,331 Listings – Up 11.5% from last year. Down 2.3% from last month.
Total Inventory – 27,395 Active Listings for Sale. Up 0.2% from last year. Up 5.8% from last month.
Months Supply of Inventory – 4.79 Months. Down slightly from January.
New List Prices – Average List Price is $353.9K. Up 9.3% from last year.
Sales Prices – Average Sales Price is $271.9K. Up 8.5% from last year.
Foreclosures Pending – 4,157 Units – Down 26.8% from last year. About the same as last month.
Distressed Sales – 343 Units or 6% of current total sales in MLS. Down 43% from last year.
Average Days on the Market – 85 – Down 10 days from last year. Up 5 days from last month.
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.
If you would like to search homes for sale throughout the Valley of the Sun, be sure to visit our Home Search Page.
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.