So much for a slow summer! As we head into Q3, we’re looking at strong and promising statistics on the Maricopa County and Phoenix real estate market. We’ve discussed that summer can be a slower period for Arizona MLS sales, especially with our winter visitors gone and summer travel plans. However May 2015 held steady going into June, indicating that the market and our local economy are bouncing back.
This visual stats image courtesy of Fidelity National Title Agency shows just how good Maricopa County is doing. When looking at residential sales for May of this year, we are at 8,319. This is almost one thousand sales higher than May of 2014, even though the number of active Phoenix MLS listings without UCB actually declined.
Low Supply vs. High Demand
The biggest trend we’ve been observing of low supply versus high demand continues. There is about an 11% increase in residential real estate demand alongside a 20% decrease in supply. This is pushing home prices up. The average sales price is now at $268K, about 8% higher than this time last year and slightly higher than April’s average of $265K.
Maricopa County and Phoenix Real Estate at a Glance –
Monthly Sales – 8,319
Active Listings – 24,600
New Listings – 9,229
Days on the Market – 81
Average Sales Price – $268K
All signs point to further increases in average home prices, especially as we head out of the “slower” summer season and into a busier fall. It’s exciting to think what Q3 and Q4 might hold for Phoenix real estate, and where 2015 can end up!