This edition of the STAT January 2015 newsletter covers the year 2014 in review, with residential real estate data for the Valley of the Sun. 2014 was a transitional year where our market evolved from a cash-driven, bargain-priced, investor-based market to a healthier more sustainable market driven by the conventional home buyer, according to Tom Ruff of the Information Market. Check out the STAT highlights below and be sure to read the entire STAT January 2015 newsletter as Tom discusses in more detail the reasons behind his optimistic view for 2015 Greater Phoenix Area real estate market. Even though our current inventory numbers are very similar to where they were last year at this time, our market is healthier. The price increases we’ve seen in the last 18 months are characteristic of a normal sustainable market and mortgage rates are at historical lows (3.86% Dec. 2014).
January STAT Highlights
Monthly Sales – 6,495 Units Sold – Up 8.8% year over year. Up 30.2% from last month.
New Inventory – 5,724 Listings – Down 5.6% year over year. Down 23.7% from last month.
Total Inventory – 24,942 Active Listings for Sale. Down 1.7% from last year. Down 9.0% from last month.
Months Supply of Inventory – 3.84 Months. Down from last month.
New List Prices – Average List Price is $329.6K. Up 11.5% from last year.
Sales Prices – Average Sales Price is $257.9K. Up 4.4% from last year.
Foreclosures Pending – 5,760 Units – Down 33.4% from last year.
Distressed Sales – 637 Units or 9.8% of current sales in MLS. Down 37.5% from last year
Average Days on the Market – 88 – Up 16 days from last year.
If you are a potential homebuyer 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.