Phoenix Real Estate Market Shows Great Improvement
The month of June in the Phoenix Metropolitan Real Estate Market showed great improvement which tops off a very strong first half of 2015.
In June, 8,674 homes were sold, which is an increase of 4.3% compared with May, and an improvement of 20.2% compared to June of 2014. June was the highest monthly sales volume in the last two years. Distressed home sales in June represented 6.4% of the total number of homes sold compared with 6.0% in May, which is a slight increase.
New inventory of recently listed homes declined 1.9% to 9,120 properties. The number of homes currently listed for sale decreased by 5.1% to 23,337 properties. This is a decrease of 15.8% 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 increasing, our Months Supply of Inventory dropped to 2.69 months.
The average list price in June dropped to $307,300 but the year over year average is up 4.5%. The average sales price increased in the past year by 5.8%. The “Days on Market” decreased by three days to 78 days. The month of June saw a 6.1% decrease of homes in foreclosure to 5,048 homes and a decreases of 22.1% year over year.
In the past six months our median sales price has risen from $197,000 to $214,900 while every month our inventory of homes has dropped. The two numbers are connected. Demand for homes has stayed relatively flat while the supply of homes for sale has dropped creating an imbalance that is ultimately driving up the price of homes. A comparison was made about the first six months of 2014 vs 2015. In 2015 foreclosures are down 30.7%, sales are up 9.6%, sales with mortgages are up 4.3%, and homes that were flipped are down 7.5%.
“Now is a great time to own real estate in Phoenix!”