ARMLS released the STAT May 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 that ten years ago, the median resale home sale price rose to peak prices at $253,400 in Maricopa County when looking at tax records. In April of 2009, the median resale home price fell to $119,000 but rose steadily through 2010 propelled by tax incentives. When those ended, the median fell back to $112,000 in August of 2011 hitting its natural bottom, around 56% below its peak. Today, we refer to 2011 as the bottom of our market. A common topic among housing reports is comparing home prices today with the peak prices of 2006 using this barometer to gauge how far along various housing markets are in their recovery. This month in STAT we will use this common metric as it applies in Maricopa County using tax data.
Be sure to check out the STAT highlights below and be sure to read the entire STAT May 2016 newsletter.
May 2016 STAT Highlights
Monthly Sales – 8,676 Units Sold – Up 4.6% from last month. Up 4.3% from last year.
New Inventory – 9,722 Listings – Down 39.2% from last month. Up 4.5% from last year.
Total Inventory – 27,849 Active Listings for Sale. Down 4.3% from last month. Up 5.1% from last year.
Months Supply of Inventory – 2.98 Months. Down slightly from March.
New List Prices – Average List Price is $328.1K. Up 4.7% from last year.
Sales Prices – Average Sales Price is $282.0K. Up 4.9% from last year.
Foreclosures Pending – 3,839 Units – Down 7.4% from last month. Down 28.6% from last year.
Distressed Sales – 324 Units or 3.7% of current total sales in MLS. Down 35.3% from last year.
Average Days on the Market – 77 – Down 1 day from last month. Down 4 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.