October Housing Market Round Up
The Phoenix Metropolitan Real Estate Market is continuing to show improvement: distressed inventories are down, foreclosures are down, and traditional buyers are up. This is exactly what I wrote last month and nothing changed – nothing at all.
In August, 7,010 homes were sold, which is an decrease of 11.4% compared with July, but an improvement of 9.1% compared to August of 2014. Distressed home sales in August represented 6.1% of the total number of homes sold compared with 6.3% in July, which is a very slight decrease. This decrease in housing activity is typically for our seasonal cycle.
New inventory of recently listed homes declined 5.5% to 8,583 properties. The number of homes currently listed for sale decreased by 1.9% to 22,432 properties. This is a decrease of 17.1% compared with the same period in 2014. With the number of homes that are listed for sale decreasing and the number of properties that have sold also decreasing, our Months Supply of Inventory increased up to 3.2 months.
The average list price in August increased to $308,600, and the year over year average is up 6.5%. The average sales price increased in the past year by 4.7%. The “Days on Market” stayed the same 75 days. The month of August saw a 4.5% decrease of homes in foreclosure to 4,634 homes and a decreases of 25.4% year over year.
With no additional information to share this month, I thought I would draw your attention to our Facebook page. We are adding more content to our page. Three times a week we are providing a new post labeled “Did you know”. If you are on Facebook please take a look at our page and let me know what you think.
“Now is a great time to own real estate in Phoenix!”