This edition of the STAT February 2015 newsletter covers January 2015 residential real estate data for the Valley of the Sun. January is an important month for our market as it is a precursor to our prime selling season as the highest average number of monthly new listings occurs in January. With an average days on market of 96, these new listings coming on are the seeds for spring and summer sales. The 14 year running average for new listings in January is 12,769, this year we saw 10,888 new listings in January. The lowest average number of monthly sales occurs in January, where the 14 year running average for home sales is 5,067 and this year we saw 4,784 home sales in January 2015. These numbers do not factor in the growth in housing stock and population throughout the 14 year period, so it’s not what we would call great. In reality, our market continues in a leisurely fashion highlighted by low demand and low supply, according to Tom Ruff of the Information Market. Check out the STAT highlights below and be sure to read the entire STAT February 2015 newsletter as Tom also discusses how the easing of credit this year could provide a nice boost to our market.
February STAT Highlights
Monthly Sales – 4,784 Units Sold – Down 0.3% year over year. Down 26.3% from last month.
New Inventory – 10,230 Listings – Down 6.0% year over year. Down 78.7% from last month.
Total Inventory – 27,106 Active Listings for Sale. Down 4.8% from last year. Up 8.7% from last month.
Months Supply of Inventory – 5.67 Months. Up from last month.
New List Prices – Average List Price is $354.5K. Up 10% from last year.
Sales Prices – Average Sales Price is $255K. Up 5.1% from last year.
Foreclosures Pending – 5,675 Units – Down 31.6% from last year.
Distressed Sales – 490 Units or 10.2% of current sales in MLS. Down 38% from last year.
Average Days on the Market – 96 – Up 17 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.