The One-Minute Market Report: Here’s What’s Happening in Phoenix Scottsdale Area, AZ as of end of 2018
Market status: We are still a tight market with very low inventory. Even with even sales for end of December 2018 in comparison to November – the market is 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.
9% less homes sold in 2018 vs 2017. But as mentioned, fewer homes are also listed for sale.
Home value gains for 2018 was about 6.25%. This is excellent.
‘If you are planning to sell or buy – you need to consult with me ASAP for the best approach.
December 2018 Dollar Value of Homes Sold: Down 3.5 % from a year ago.Even with last month. This is normal for December – the seasonality of the year.
December 2018 Closed Sales: Down 9% from last year,down 1.5% from last month.
December 2018 Average Home Price Sold: Up 6.25% for the year 2018. But the median sold price is up to $261,000 and the average home sold to $326,646 which now shows upward pressure on pricing.
December 2018 Average Days On The Market: Up to 66 days, that’s the issue here: homes are still selling fast – but somewhat a tad slower.
December 2018 Discount price: About 3.5% 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.
December 2018 Market Numbers: 18,250 active listings on the market (very, very, very low!!!), 5,000 + or so new contracts, and about 6,000 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.
December 2018 The Total County Absorption Rate: Stable at 2.5v 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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