Phoenix and East Valley AZ Real Estate Market Report November 2018
Phoenix Metro Home Prices and Statistics
Prices of Phoenix Metro homes decreased slightly (1.0%) in November to $260,000, back to what they were in September. However, this is still a 6.1% increase from November of last year ($245,000), but still below the high of $267,264 in June of this year. The number of days on market (DOM) remains low, at 62, but did increase from 59 last month. Having such a low DOM means homes in Metro Phoenix are still selling at a rapid pace. The average sold price to original list price remains high at 96.8%, even though this is the fourth straight month we have seen a decrease since the high of 97.4% in July. This is mainly a seasonal adjustment, and overall a good sign that 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 decreased 11.8% from 9,275 last month, to 8,183 in November. This is a significant drop, but it was unusual to see the increase in new listings from September to October, so this number is more in line with what is expected this time of season. The number of new listings is actually a little higher than in November of last year, which was at 8,118, after being lower than the previous year the last two months. The total number of active listings increased for the fourth straight month, and the November 2018 was 17,252. This is still 2,113 fewer listings than the 5-year average for this time of year. The Phoenix Valley continues to see a low inventory of homes for sale.
The low inventory of homes for sale in Phoenix still has some sellers receiving multiple offers on their homes. However, with less 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.
- The average sold price in November for single family homes in Metro Phoenix is $325,798.
- The average sales price has increased by 5.81% from November of the previous year.
- The median sold price in November for single family homes in Metro Phoenix is $260,000.
- The sales price has increased by 6.10% from November of the previous year.
- The number of new purchase contracts in November decreased to 7,287.
- New purchase contracts have decreased by 10.1% from November of the previous year.
- The number of active listings for November is at 17,252.
- The average Days on Market is 62.
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 how much 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 and I can help!
I help people just like you Buy, Sell, and Invest in East Valley Arizona Real Estate!"
Troy Erickson Realtor
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.