By Mike Bodeen · 3 October 2016
Consistency in Phoenix – Who Would Guess?
Back in February of this year, we reported that our local Phoenix Metro residential real estate market, as a whole, was strong and balanced. As you can see for yourself by the Cromford Market Index chart below (the straight line at the 100 mark indicates balance), we remain “in balance.” For a market that was known for radical highs and lows this past decade, our continued consistency is remarkable.
From a Realtor perspective, the market has been strongly balanced for the past 3 years with a few periodic dips and rises, but with consistent annual appreciation. This appreciation has enabled the new home market to strengthen as well giving buyers more choice in homes then we’ve had since the great recession.
The most recent market numbers:
– Active Listings: 20,153 versus 20,024 last year – up 0.6% – and up 5.0% from 19,186 last month
– Pending Listings: 6,065 versus 5,789 last year – up 4.8% – but down 4.2% from 6,331 last month
– Under Contract Listings: 10,013 versus 9,003 last year – up 11.2% – but down 3.0% from 10,318 last month
– Monthly Sales: 7,390 versus 7,003 last year – up 5.5% – but down 7.1% from 7,952 last month
– Monthly Average Sales Price per Sq. Ft.: $141.92 versus $133.44 last year – up 6.4% – and up 2.2% from $138.81 last month
– Monthly Median Sales Price: $230,000 versus $213,000 last year – up 8.0% – and up 1.0% from $227,800 last month
There is much chatter these days about economic changes that will be happening following the election. Some buyers and sellers have put off buying and selling until January. The best change is that as a country we can hopefully move on from the political drama that we’re seeing moment by moment. Wouldn’t it be refreshing to say that our country was strong and balanced rather than weak and divided?
Market data referenced in this article comes from The Cromford Report.