Phoenix Metro Real Estate Sales Report

by Gary Peruzzini

Here’s a quick summary of the October 18th report. This report reflects sales activity for September 2016.

Summary of October 18, 2016 Report:

*Monthly sold units (7,328 for September) up 5.7% year over year

*New inventory (9,612 for September) up 4.0% year over  year

*Total inventory (24,087 for September) up 3.3% year over year

*Months supply of inventory – 3.29

*Median new list price is $254,900 up 6.3% year over year

*Median sale price is $230,000 up 9.0% year over year

*Average days on market – 74

*Shortage of affordable listings, abundance of luxury listings

*Decline in month-over-month sales volume can be directly attributed to seasonal patterns

*We will continue to see month-over-month declines in both October and November

*Newly constructed home sales are up 33.3% through the first three quarters

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