ARMLS released the STAT February 2017 newsletter, which covers residential real estate data for the Valley of the Sun – Metro Phoenix, AZ. In this month’s issue, Tom Ruff of The Information Market mentions that an early theme for 2017 is that sales are up and inventory is down. January home closings were up 15.6% year-over-year. February sales were up 12.5%. MLS sales for the first two months of 2017 are 14% higher than 2016, which is a nice start to 2017 indeed. If March is truly a bellwether month, the table will be set for a very good year. Anecdotally, we’re seeing reports of properties selling quickly.
Check out the STAT highlights below and be sure to read the entire STAT February 2017 newsletter.
February 2017 STAT Highlights
Monthly Sales – 6,435 Units Sold – Up 8.5% from last month. Up 12.5% from last year.
New Inventory – 9,711 Listings – Down 3.2% from last month. Down 6.0% from last year.
Total Inventory – 24,762 Active Listings for Sale. Up 1.7% from last month. Down 9.6% from last year.
Months Supply of Inventory – 3.85 Months. Down slightly from last month.
New List Prices – Average List Price is $365.8K. Up 3.4% from last year.
Sales Prices – Average Sales Price is $285.4K. Up 5.0% from last year.
Foreclosures Pending – Approximately 3,187 Units – Down from last month and down 22.3% from last year.
Distressed Sales – 253 Units or 3.9% of current total sales in MLS. Down 27% from last year.
Average Days on the Market – 83 – Up 2 days from last month. Down 2 days from last year.
If you are a potential home buyer and have questions regarding the current real estate market data in the specific area where you are planning to purchase, be sure to consult with your Realtor or feel free to Contact US.
If you would like to search homes for sale throughout the Valley of the Sun, be sure to visit our Home Search Page.
Arizona Regional Multiple Listings Service’s (ARMLS®) monthly statistical newsletter STAT, provides a timely view of what is happening to the residential real estate market in the Valley of the Sun – The Metro Phoenix Area. Unlike statistics compiled by other entities, it does not rely on third party data. STAT’s focus is on SALES and ACTIVE INVENTORY, year over year and month over month, including details on sales prices, foreclosures and short commentary.
