Looking at Annual Statistics I Found Something Very Interesting
Looking at the annual statistics of our real estate market, I found something very interesting: sales in Phoenix kick-off with the Super Bowl. Historically January experiences the softest housing market. With that in mind, the projection for February sales appears to be strong, approximately 4% above February 2015 with housing appreciating at .8%.
In January, 5,131 homes were sold, which is a decrease of 23.9% compared with December, but an improvement of 7.3% compared to January of 2015. Distressed home sales in January represented 6.2% of the total number of homes sold compared with 6.6% in December, which is a slight decrease.
New inventory of recently listed homes increased by 3.4% year over year to 10,577 properties. The number of homes currently listed for sale increased by 13.1% to 25,886 properties. This is a decrease of 4.5% compared with the same period in 2015. With the number of homes that are listed for sale increasing and the number of properties that have sold decreasing, our Months Supply of Inventory jumped from 3.4 to 5.05 months.
The average list price in January increased to $360,600, and the year over year average shot up 1.7%. The median sales price decreased last month from $215,000 to $210,000. The average sales price increased in the past year by 6.0%, the median sales price increased by 7.9%. The “Days on Market” increased to 80 days. The month of January saw a 2.5% month over month decrease of homes in foreclosure to 4,156 homes, a decreases of 26.8% year over year.
If you have not already reviewed your investment strategies for 2016, now might be a great time to do so. It will be my pleasure to work with you to analyze your real estate investment portfolio, please give me a call.
“Now is a great time to own real estate in Phoenix!”