Phoenix and East Valley AZ Real Estate Market Report October 2018
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.
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
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 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"
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.