In September we saw another month of slower home sales for the Phoenix Metro Area market, as of September 11, 2014, there were a total of 6428 units sold. This is a decrease of 5.1% month over month and a decrease of 8.9% year over year. We have seen this decrease of home sales for each month starting in June, and this trend may be the a theme for the balance of 2014. We have also seen the total days on market increase, in June we had a total number of days on market of 83 days and as of September 11th the total number of days on market is 88 days.
Another trend in the Phoenix Metro Area is a decrease in new listings, the total new listings as of September 11th is 8175 units, this is a decrease of 3.5% moth over month and a decrease of 16.6% year over year. We are also seeing the active listings drop from May's 26245 Units to September 11th 24220 units.In the next few months we may see the total listings units on the market go up, while the total units sold may continue to go down and then start to stabilize by the end of December early January.
Currently, in the Phoenix Metro Area, we are in a balance market with the average sale price hovering between $250,600.00 in May and $249,000.00 in September, in addition, the median sale price in May was $189,000.00 and in September it was $195,000.00. I do not see the average sale price or the median sale price of homes fluctuating much through the end of this year, if anything, we may see some downward pressure if there is an increase of listing on the market and a decrease of sales. If this happens, the buyers may be able to get some great deals.
Lee Ehrke - The Ehrke Team
Keller Williams Realty East Valley
2077 E Warner Rd #110
Tempe, AZ 85284
lehrkenj@gmail.com
480-526-0306
All data provided by ARMLS
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