Phoenix Real Estate Update: 6/5/12
Greater Phoenix Real Estate Update – June 5, 2012
The following stats are sourced from the Arizona Regional Multiple Listing Service (ARMLS) as of 6/05/12.
The data includes Greater Phoenix residential properties (houses, patio homes, town homes, and patio homes). It excludes land, new construction, multi-family properties (2+ units), commercial properties, mobile homes, and timeshares.
The search area covers a 40-mile radius centered downtown on Phoenix Sky Harbor Airport, creating a circle with an 80-mile diameter.
The red number in “(brackets)” represents the results from the last report that I posted to this blog. It’s important to note that the bracketed numbers will reflect Phoenix and Scottsdale real estate data from 1-3 weeks prior, depending on the frequency of my postings. To help interpret the significance of the changes relative to time, I’ve added a field at the top that indicates the number of days since the last status update.
This reporting period covers the past 11 days. During this time, we have officially seen inventory of all property types drop below 10,000 units within a 40-mile radius of downtown. Other trends remain consistent with recent reports. Active inventory continues to slowly dwindle, while AWC/Pending and Sold units show signs of stabilization — a sign of tight supply.
During the last reporting period (end of April/early May), the average sales price of Phoenix real estate rose 4.2%. This 11 day reporting period shows an increase of less than 1%.
Likewise, while the median price of Phoenix real estate rose 3.5% last period, this period we’ve only seen a rise of about 2%. Look for prices to continue to rise as long as demand continues to outstrip supply.
Days since last stats update posting: 11
Total Active Inventory: 9,914 units (10,123)
Single Family Homes: 8,152 units (8,312)
Patio Homes: 189 units (210)
Condos/Town Homes/Other: 1,570 units (1,600)
Total AWC/Pending Inventory: 18,763 units (19,723)
Single Family Homes: 16,544 units (17,383)
Patio Homes: 207 units (216)
Condos/Town Homes/Other: 2,012 units (2,120)
Trailing 30-Day Sales Data
Total Sales: 7,712 units (7,961)
Single Family Homes: 6,631 units (6,792)
Patio Homes: 106 units (139)
Condos/Town Homes/Other: 975 units (1,031)
Average Sales Price (sold properties): $206,209 ($204,471)
Median Sales Price (sold properties): $149,900 ($147,000)
While our market is showing definitive signs of strengthening and competition for properties is fierce, it’s always possible to find great opportunities with the right Realtor on your side. For help with your search, call or email me directly.
If you have any questions about these stats or about the Greater Phoenix real estate market in general, feel free to post them below.