The One-Minute Market Report: Here’s What’s Happening in Phoenix Scottsdale Area, AZ as of end of September 2018
Market status: We are still a tight market with very low inventory. Even with a sales decreased in numbers for September – it’s the normal seasonality, it’s still HOT for both Sellers AND Buyers. It’s a great time to buy and sell. And in some price points under $450,000, it’s becoming increasingly difficult to find some homes!
The biggest market problem right now: overall lack of inventory.
‘If you are planning to sell or buy – you need to consult with me ASAP for the best approach.
September 2018 Dollar Value of Homes Sold: Up 1.4 % from a year ago.Down 16% from last month. This is normal for September – the seasonality of the year.
September 2018 Closed Sales: Down 6% from last year,down 15% from last month.
September 2018 Average Home Price Sold: Up 7.7% active median at about $335,000, up 2% from last month. But the median sold price is down to $260,000 which now shows pressure on pricing.
September 2018 Average Days On The Market: Up to 61 days, that’s the issue here: homes are still selling fast – but somewhat a tad slower.
September 2018 Discount price: About 3% or so. You see what’s going on here? Sellers have ‘the’ edge, but buyers can still buy with a small discount, but it’s diminishing – it’s tight. Buy and don’t argue too much over price.
September 2018 Market Numbers: 17,500 active listings on the market (very, very, very low!!!), 7,000 or so new contracts, and about 7,600 sold in the last 30 days. Very low inventory, strong sales! The market is still a relatively fast selling market.
Recommendation: It’s time to sell, and it’s also time to buy.
September 2018 The Total County Absorption Rate: Stable at 2.3 months of inventory, which means it takes about that time for the inventory to be absorbed.
Want to know how your city, area code or subdivision or area is doing? Send me an email… at firstname.lastname@example.org and get your report.
, MBA, CRS, ABR
Smart Real Estate. Sellers, Buyers & Relocation.
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