Welcome to our Phoenix Real Estate Market Trends August 2015.
This version of our real estate trends report will focus on the general downtown Phoenix area. If you’d like information about a specific zip code or region, please send us an email at firstname.lastname@example.org. To see some overall numbers for Maricopa County, please click on the small infographic to the right to enlarge. (Special thanks to Fidelity National Title for putting the infographic together.)
The Phoenix real estate market remains strong for sellers with prices slowly continuing to rise and inventory levels remaining relatively low. As mentioned in our May real estate trends report, certain price ranges and areas of town are outperforming others, but the overall statistics for Phoenix still remain steady. This is also true of the general Downtown Phoenix area. The statistics we ran below are from the Arizona Regional Multiple Listing Service and include the areas of Thomas Road to Jefferson Street and 19th Avenue to 16th Street.
This shows a 2014 versus 2015 comparison for the same six month time period of March to September, for homes priced above $400,000 and homes priced below $400,000. These statistics reflect the averages for all property types (single-family homes, lofts, condos, town homes and patio homes) combined.
Homes Sold Below $400,000
Year 2014 2015
Number of closed listings 213 229
Avg. sold price per sq. ft. $154 $177
Avg. days on the market 78 84
Avg. sold price vs. list price % 97% 97%
Homes Sold Above $400,000
Year 2014 2015
Number of closed listings 23 45
Avg. sold price per sq. ft. $225 $236
Avg. days on the market 100 87
Avg. sold price vs. list price % 96% 97%
These statistics reflect a similar theme throughout many parts of the city:
1) an increased number of sales compared to the same time period last year and
2) an increase in the price per sq. ft. sales price compared to the same time last year.
As of September 23, 2015, there are 118 available properties on the market priced under $400,000 in this same downtown area described above. These homes have an ‘average days on market’ of 97 and ‘average list price’ of $209 per sq. foot. There are currently 58 available properties on the market priced above $400,000. These homes have an ‘average days on market’ of 172 and ‘average list price’ of $276 per sq. foot.
Phoenix Real Estate Market Trends August 2015 Conclusion
As we head into the final months of the year, we anticipate that the overall real estate market in Phoenix will remain steady. According to Michael Orr with The Cromford Report, the recent uncertainty in the stock market seems to be primarily effecting the luxury market priced at $2,000,000+, but not really the general housing market. While there are also reports that interest rates will slightly rise before the end of the year, Mr. Orr does not believe that these types of small rate increases have much of an effect on the market. This is obviously contrary to other analyst’s beliefs, including those on Wall Street, so I guess we’ll have to wait and see. With cooler weather on the horizon and winter visitors returning to the Valley of the Sun, Phoenix remains a vibrant, highly desirable destination and a great place to call home.
We hope our Phoenix Real Estate Market Market Trends August 2015 was helpful. If you have specific questions, just use the form below and we’ll get back to you as soon as we can.