This edition of the STAT November 2015 newsletter covers October 2015 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 in the first 9 months of 2015, sales volume averaged 12% ahead of 2014. Sales volume in Octo-ber slipped to 2.4% on a year-over-year basis. The slip in year-over-year sales volume can be attributed to two factors: TRID and a cooling market. Supply is growing faster than last year while demand is slightly weaker..
Tom also mentions that the median sales price is showing a 10.6% increase year-over-year, giving an inaccurate portrayal of overall market appreciation. The median needle is being moved by low supply and strong demand in the more affordable areas with little to no new construction…. Check out the STAT highlights below and be sure to read the entire STAT November 2015 newsletter.
November STAT Highlights
Monthly Sales – 6,304 Units Sold – Up 2.4% from last year. Down 9.1% from last month.
New Inventory – 10,050 Listings – Up 3.1% from last year. Up 8.8% from last month.
Total Inventory – 24,652 Active Listings for Sale. Down 10.7% from last year. Up 5.8% from last month.
Months Supply of Inventory – 3.91 Months. Up slightly over the past two months.
New List Prices – Average List Price is $360.4K. Up 3.1% from last year.
Sales Prices – Average Sales Price is $267.5K. Up 7.9% from last year.
Foreclosures Pending – 4,494 Units – Down 26.3% from last year. Down 2.6% from last month.
Distressed Sales – 396 Units or 6.3% of current total sales in MLS. Down 35% from last year.
Average Days on the Market – 73 – Down 15 days 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.
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. * The most current version will provide data from the previous month.