ARMLS released the STAT January 2017 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 it’s too early to tell exactly what kind of year it’s going to be for home sales but if January is any indication, it’s going to be a really good one. Inventory levels began 2017 much like 2016 but demand is much higher. Monthly sale volumes as reported by STAT are up 12% on average over the last 6 months with January 2017 sales volume 15.6% higher than last January. Our current inventory level is now 6% lower than last year at this time. Lower inventory numbers with higher demand means rising home prices are likely to follow.
Check out the STAT highlights below and be sure to read the entire STAT January 2017 newsletter.
January 2017 STAT Highlights
Monthly Sales – 5,932 Units Sold – Down 15.7% from last month. Up 15.6% from last year.
New Inventory – 10,028 Listings – Up 59.3% from last month. Down 5.2% from last year.
Total Inventory – 24,338 Active Listings for Sale. Up 8.0% from last month. Down 6.0% from last year.
Months Supply of Inventory – 4.10 Months. Up slightly from last month.
New List Prices – Average List Price is $369.7K. Up 2.5% from last year.
Sales Prices – Average Sales Price is $281.2K. Up 4.1% from last year.
Foreclosures Pending – Approximately 3,205 Units – Down from last month and down 22.9% from last year.
Distressed Sales – 206 Units or 3.5% of current total sales in MLS. Down 40% from last year.
Average Days on the Market – 81 – Up 1 day from last month. Up 4 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.