Phoenix Properties Sold See 9% Uptick
Phoenix posted 19,354 house sales year to date through December 31, 2015. The average closed sales price of $238,997 rose 8% from the same time period during 2014, which showed an average sales price of $221,149. The total amount of sold listings in Phoenix reported a 9% advance from the same time range a year ago, which saw 17,689 homes sold, a year-over-year rise of 1,665 completed sales transactions. The 200,000-249,999 price bracket saw one of the highest numbers of closed sales this year at 2,655 completed transactions.
Active Home Listing Prices Increase 10%
As of December 2015, Phoenix saw a total of 30,062 active homes for sale during the year. The 300,000-399,999 price range had one of the greatest numbers of residences for sale at 3,958 properties listed. The overall inventory of active listings in Phoenix recorded a 1% decrease from the same period during 2014, which saw 30,237 for sale properties, a year-to-year net reduction of 175 residential homes. The average active listed price year to date of $284,894 posted an increase of 10% above the average price of $259,295 from the same period a year ago.
Trend Continuing in 2016
In the month of January 2016, the city of Phoenix saw a total of 1,246 residential homes sold year to date, and the average sales price of $238,908 posted an increase of 8% above the average closed price of $222,013 from the same reporting period during 2015. In comparison to January 2015, which had 1,081 houses sold, Phoenix saw a 15% increase in overall volume of sold residential listings, a year-over-year net gain 165 closed sales. The 140,000-159,999 price category showed one of the highest numbers of sales this year with 150 completed purchases.
Phoenix recorded a total of 6,437 actively listed for sale houses so far in 2016 through the month of January. The 300,000-399,999 price category recorded one of the highest numbers of residences for sale with 917 units. The overall number of active residential listings in Phoenix experienced a 9% fall over the same time period last year, which had 7,035 homes for sale, a year-to-year net drop of 598 listings. The year-to-date average active list price recorded an increase of 15% when compared to this time period last year, rising to $357,055. Homes for sale require less time to sell this year on average. Compared to the same time range in 2015, the cumulative days on market for active properties for sale in Phoenix was 65 days, a decline of 17.7%.
Basic economics are playing a role in the price increases: Typically when there is a decrease in the amount of inventory available for sale, the prices will rise accordingly. A lower inventory of homes for sale along with attractive interest rates for 30 year mortgages is making this a great time for real estate in the Phoenix area.
Statistics provided by ARMLS and deemed reliable but not guaranteed; percent changes rounded. For the most recent local real estate info or to request a free no obligation evaluation of your property, please call Phoenix real estate listing agent Sam Lawmaster with Realty ONE Group at (602) 680-8096.