We’ve got March in the books, so let’s take a look at a few stats from the Arizona Regional Multiple Listing Service:

Active listings:  19,736

Pending Sales:  13,687

Sold Homes since Jan 1, 2017:  20,284

  1. How fast are homes selling? Average number of days on market for homes sold is 76 (down 3 days from last year)
  2. What is the average sales price? Homes across the valley are selling for $289,061 (up 7.2% from last year)

What does this mean to homeowners? The Phoenix real estate market has shifted away from a balanced market and appears to be currently favoring home sellers. Sellers are on average getting 96.5% of asking price, up from 96% this time last year.

This month’s supply (measured by homes listed for sale) is up 6.6% from last year, while this month’s demand (measured by homes sold) is up 11.2% in that same period.

What has happened to home prices? With current demand outstripping new supply, home values are up over 7% on average across the valley in the past 12 months. Our current market absorption remains at a very healthy 2.96 months (keep in mind, lower is better if you are selling) which is down from 3.59 months last year at this time. Absorption rate means that if no additional homes were listed for sale, it would take 89 days for every listed property in the valley to sell, based on the current level of demand.

Overall, activity has picked up across the Phoenix metro area.  We are seeing more buyer activity, spurred in part by a drop in interest rates.  The average days on market for active listings in all price ranges are 118 and the average days on market for all pending sales are just 76.