Phoenix and East Valley AZ Real Estate Market Report October 2018

Phoenix and East Valley AZ Real Estate Market Report October 2018

Real estate market data for Phoenix, AZ and the East Valley, provided by Troy Erickson Realtor of Good Company Real Estate

Phoenix Metro Home Prices and Statistics

Prices of Phoenix Metro homes increased slightly in October, to $262,500, from $260,000 last month (a 1.0% increase). However, this is a 7.1% increase from October of last year ($245,000), but still below the high of $267,264 in June this year. The number of days on market remains low, at 59, tying for the lowest DOM all year (July), which means homes in Metro Phoenix are still selling at a rapid pace. The average sold price to original list price remains high at 97.0%, even though this is the third straight month we have seen a decrease. This is another sign that shows there is still a demand for homes, and homes are holding their prices. All of these factors show that even though we are heading into the winter, the Phoenix Valley is still in a sellers market.

The number of new listings increased 8.0% from last month, to 9,275 in October. This is a turnaround after September saw a decrease in the number of new listings. The number of new listings is still below October of last year, which was at 9,437. The total number of active listings increased for the third straight month, and in October 2018 was 16,509. This is still 2,805 fewer than the 5-year average for this time of year. The Phoenix Valley continues to see a low inventory of homes for sale. ​

After four straight months of decreasing home sales, October saw a 3.6% increase, up to 7,049, but this is still 101 fewer sales than October of 2017. We are still on track to sell more homes this year than last, which overall is a good sign, especially since inventory has been so low throughout the year.

The low inventory of homes for sale in Phoenix still has many sellers receiving multiple offers on their homes. However, with fewer competition from buyers this time of year, you may have a better chance of getting the home you

desire. Having a good real estate agent who understands the market is a must. Homes in the Phoenix Metro area are still selling within a few weeks of hitting the market so you will want an agent that can provide you a list of homes for sale as soon as they are available for sale.
 
I have additional market reports and statistics included on my website, and you can find this information by clicking the following link, Arizona Multiple Listing Service Market Stats and Reports.

Phoenix Real Estate Report Summary

• The average sales price in October for single family homes in Metro Phoenix is $326,110.
• The average sales price increased by 9.95% from the previous year.
• The median sales price in October for single family homes in Metro Phoenix is $262,500.
• The median sales price increased by 7.14% from the previous year.
• The number of active listings is at 16,509. The average Days on Market is 59.

Find Homes for Sale in Phoenix AZ

Visit my website to search for homes in Phoenix or to be notified when homes in Phoenix and the surrounding area come on the market. ​You can also click on the following link to find out what your home is worth.

If you have any questions about home buying, home selling, or investing in real estate in Chandler, or the East Valley of Arizona, just call/text me at 602-295-6807, or email me below, and I can help!

"Real Estate is not just a job for me, it's about making a difference in the lives of others"
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Troy Erickson Realtor
Call/Text: (602)295-6807
[email protected]
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​Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.