With home inventory low and prices high, the PAR ARMLS Phoenix Metro market needs an influx of homes to rent. If you have a home to rent, or are interested in renting your home, call us today at (602) 753-0333 Here are some of the numbers in the ARMLS region for September. You can read more by clicking here: https://armls.com/docs/2018-September-STAT.pdf
Total Monthly Sales: 6,897
Sales are down 14.2% from last month, and since last year are down 5.9%.
Total Inventory: 20,200
Total inventory is up 1.9% from last month, and down 7.4% from last year.
Average Sales Price: $317,500
The average sales price is up 8.8%, and the median sales price is up 7.6% from last year.
Average Days on Market: 63
The average DOM is down 4 days from last year and down 1 day from last month.
Commentary by Tom Ruff: When we view the September sales volume, we see a 5.9% decline with 7,328 reported closings in 2017 and 6,897 this year. On the surface this looks like a significant drop, but when we place the volume in the perspective of business days, 20 in 2017 and 19 in 2018, there were 366 sales per business day in 2017 to 368 in 2018. This year slightly outperformed last year. When we turn to public records data and view total sales volume for the year, we see a 3.54% increase with 86,857 home sales in 2017 compared to 89,933 sales in 2018. So, what does this mean for the final quarter of 2018? There are hints that the first proposition above may be playing out. Don’t be surprised if the numbers for the final quarter are slightly below what they were one year ago.
What does all of this mean? It’s a great time to have a Phoenix investment home, and a great time to rent a home in Phoenix! Check out our available rentals at: http://allcountyprestige.com/available-rentals
Call us today at: (602) 753-0333 for more information about renting out your home in Phoenix.