ARMLS released the STAT August 2016 newsletter, which covers residential real estate data for the Valley of the Sun – Metro Phoenix, AZ. In this month’s issue, Michael Orr with the Cromford Report gives his take of our summer sales season… “Just as we predicted last month, August was a very robust month for sales, up almost 14% from August last year in stark contrast to the uninspiring numbers in July (down over 3% from July 2015). Nothing unusual has gone on in July or August. However, sales have increased much more than this among new homes, just as they have all year. New homes are poorly represented among ARMLS listings since about 90% of them sell outside of ARMLS. In public recordings however, we are seeing new home growth rates far in excess of the growth rates for re-sale homes.”
Check out the STAT highlights below and be sure to read the entire STAT August 2016 newsletter.
August 2016 STAT Highlights
Monthly Sales – 7,843 Units Sold – Up 2.8% from last month. Up 11.9% from last year.
New Inventory – 9,096 Listings – Up 3.9% from last month. Up 6.0% from last year.
Total Inventory – 23,680 Active Listings for Sale. Up 0.2% from last month. Up 5.6% from last year.
Months Supply of Inventory – 3.02 Months. Down slightly from last month.
New List Prices – Average List Price is $313K. Up 4.4% from last year.
Sales Prices – Average Sales Price is $275.9K. Up 5.8% from last year.
Foreclosures Pending – Approximately 3,500 Units – Down from last month. Down from last year.
Distressed Sales – 343 Units or 4.4% of current total sales in MLS. Down 23.9% from last year.
Average Days on the Market – 78 – Up 4 day from last month. Up 3 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.