Market Update for October 2017
The Phoenix real estate market seems to be cooling down a bit along with the weather. Calibrations are occurring after big price jumps in the spring, with average sold price, number of new listings, and new closings all dipping from August to September 2017. Looking at the bigger picture, changes from a year ago, number of new and accumulated listings are down 4.9% and 4.5%, respectively, with the number of September closings holding steady and average sold price up 4.3% from a year ago, at $294,500. If you're currently selling, don't worry as the snowbirds are coming in to town and inventory will drop because of the holidays. Less competition is on the horizon and people are in the mood to buy!
Biggest equity gains in the last year have been seen in the smallest home size categories. Homes in the 1000-1999 square foot size range have come up 7.4% in price per square foot from a year ago, and account for more than all other size categories combined in terms of number of homes sold and listed (approximately 54%). On the other end of the spectrum, homes in the 4000-4999 square foot range are down 0.9% for average sold price per square foot from year ago, and only make up 2-3% of MLS transactions. Overall it's still a seller's market for most homes up to 3000 SF, then turns into more of a buyer's market with increasing size and price range.
Data Source: ARMLS