ARMLS released the STAT October 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 sales volume in October as reported by ARMLS was 6,981, which was 10.7% higher than last year’s total of 6,304. October sales came in as expected with our projection of 6,850 missing the mark by only 131 sales. We begin November with 6,021 pending and 3,459 UCB listings giving us a total of 9,480 residential listings practically under contract. This compares to 9,149 of the same type of listings at this time last year. There are 19 business days in 2016 compared to 18 business days in 2015. Sales volume projections are always tricky during the holiday season, that said, November 2016’s sales volume will exceed last year’s total of 5,311. STAT is projecting 5,950 sales. Month-over-month sales volume will continue their annual descent with November volumes lower than October, sales will pick up in December.
Check out the STAT highlights below and be sure to read the entire STAT October 2016 newsletter.
October 2016 STAT Highlights
Monthly Sales – 6,981 Units Sold – Down 4.7% from last month. Up 10.7% from last year.
New Inventory – 9,727 Listings – Up 1.2% from last month. Down 3.2% from last year.
Total Inventory – 25,040 Active Listings for Sale. Up 4.0% from last month. Up 1.2% from last year.
Months Supply of Inventory – 3.59 Months. Up slightly from last month.
New List Prices – Average List Price is $361.2K. Up 0.2% from last year.
Sales Prices – Average Sales Price is $283.5K. Up 6.0% from last year.
Foreclosures Pending – Approximately 3,415 Units – Down from last month. Down from last year.
Distressed Sales – 250 Units or 3.6% of current total sales in MLS. Down 35% from last year.
Average Days on the Market – 76 – Up 2 day from last month. Up 3 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.
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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.