ARMLS released the STAT March 2016 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 as the first quarter of the year officially ended, sales volume increased 3.14% over last year. We have averaged nearly 311 sales per day compared to 306 last year so far in 2016, taking into consideration that there were 62 business days in the first quarter of 2016 com-pared to 61 in 2015. The increase in sales volume was accompanied by annual increases in both the median sales price as well as total inventory. The median sales price saw a 7.87% increase with total inventory numbers up 4.5%. The increase in total inventory broke the pattern of steady declines seen since last year. Even with the increase, total inventory is below normal levels with serious short-ages at the lower end of the market.
Check out the STAT highlights below and be sure to read the entire STAT March 2016 newsletter.
March 2016 STAT Highlights
Monthly Sales – 8,412 Units Sold – Up 4.7% from last month. Up 6.5% from last year.
New Inventory – 11,068 Listings – Up 7.1% from last month. Up 7% from last year.
Total Inventory – 27,680 Active Listings for Sale. Up 1% from last month. Up 4.5% from last year.
Months Supply of Inventory – 3.29 Months. Down slightly from February.
New List Prices – Average List Price is $342.5K. Up 4.6% from last year.
Sales Prices – Average Sales Price is $267.7K. Up 4.4% from last year.
Foreclosures Pending – 4,188 Units – Up 0.7% from last month. Down 26% from last year.
Distressed Sales – 376 Units or 4.5% of current total sales in MLS. Down 35.4% from last year.
Average Days on the Market – 81 – Down 4 days from last month. Down 11 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.
