These monthly market statistics reports provide sales information for single family homes, condos and town homes in the Greater Phoenix area. These reports reflect The Valley's current and historical housing market conditions and are updated on a monthly basis. Additionally, it includes monthly and annual comparative analysis.
These graphs below cover market trends and statistics for Phoenix, AZ. In addition, we also provide information for several of the premier suburbs of the Greater Phoenix area that the KC Real Estate Group specializes in such as Scottsdale, Paradise Valley, and Fountain Hills.
In Phoenix, property inventory has remained steady month-to-month in 2011 hovering between 6,100 – 7,900 active properties on the market. The current trend is a slight decline in monthly inventory which is a positive sign as both properties going under contract and actually closing are also increasing month-to-month. These numbers are clearly showing that the demand is starting to increase while supply is slightly decreasing bringing the Phoenix market closer to equilibrium. That said, the yearly average home price thus far in 2011 has decreased to $137,788. Furthermore, the average days on market are also decreasing to exactly 100 days (just over three months) which is yet another positive sign for the market.
This situation is creating a fantastic buying opportunity in the Phoenix market for not just homeowners but also investors as the average price is still slowly declining, yet the number of transactions is increasing and inventory is shrinking.
In the popular Greater Phoenix suburbs of Scottsdale, Paradise Valley, and Fountain Hills, the data trends are very similar. Across the spectrum, inventory is down in 2011 while the sales numbers of closed properties are up. The average home price in Scottsdale is $507,442 which is down 5% from last year at this time, making home affordability in this upscale suburb even more affordable. In Fountain Hills, the average home price is $394,862 down 22% from last year at this time. This drop in average price has caused average days on market to decrease to 133 days on market down 41%! Buyers are clearly taking advantage of the affordability of this market and are stepping in and purchase properties in Fountain Hills. Prestigious Paradise Valley has the Valley’s highest home values, with the average home price at $1,436,610 which is down 11% year over end. There are only 353 active properties on the market with a projected 349 properties to sale in 2011. Due to the high price point, days on market in Paradise Valley are much higher than anywhere else in the Greater Phoenix area, with the average days on market at 209 down 29%.
The numbers described above clearly indicates that the luxury home market is humming along nicely despite the overall repressed condition of Arizona’s and the Nation’s economy. These numbers also paint a picture that the Greater Phoenix, Arizona housing market is slowly starting to recover with supply and demand coming more into balance. This recovery will still depend on monetary policy and many different economic factors, but in the interim we are definitely seeing some positive signs of a slow recovery.
Stay informed on local market conditions by visiting our website frequently as this data will dynamically change from month to month. Contact the KC Real Estate Group if you would like market data for a specific need, and we will be sure to customize it for you.
All statistical reports and charts are based on information from the Arizona Regional Multiple Listing Service (ARMLS) and are deemed reliable, but not guaranteed.