This edition of the STAT June 2015 newsletter covers May 2015 residential real estate data for the Valley of the Sun. This month’s issue shows that while there is an increase in home demand, listing inventory is down which is causing home prices to rise. Looking at the MLS, there were 8,319 residential sales in May 2015 compared to 7,445 sales in May 2014. Over the same period we saw active listings, removing UCB for this calculation, decline from 25,584 in May 2014 to 20,357 this year. An 11.7% increase in demand paired with a 20.4% decrease in supply is exerting upward pricing pressure. This upward pricing pressure is seen in the median sales price this month, which increased 4.1%. Our median sales price is now 83% of the $255,000 peak reached in June of 2006, according to Tom Ruff of the Information Market. Check out the STAT highlights below and be sure to read the entire STAT June 2015 newsletter.
June STAT Highlights
Monthly Sales – 8,319 Units Sold – Up 11.7% from last year. Down 0.6% from last month.
New Inventory – 9,299 Listings – Down 5.3% from last year. Down 7.6% from last month.
Total Inventory – 24,600 Active Listings for Sale. Down 15.1% from last year. Down 5.0% from last month.
Months Supply of Inventory – 2.96 Months. Down slightly from last month.
New List Prices – Average List Price is $313.4K. Up 1.5% from last year.
Sales Prices – Average Sales Price is $268.7K. Up 8.6% from last year.
Foreclosures Pending – 5,378 Units – Down 20.9% from last year.
Distressed Sales – 501 Units or 6.0% of current total sales in MLS. Down 36.9% from last year.
Average Days on the Market – 81 – Down 2 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.