October 2018 Phoenix Real Estate Statistics ARMLS® COPYRIGHT 2018”
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 October. You can read more by clicking here: https://armls.com/docs/2018-October-STAT.pdf
Total Monthly Sales: 7,182
Sales have increased by 4.1% since last month, but are down 1.2% since last year at this time.
Total Inventory: 21,742
Total inventory has gone up 7.6% since September, but is down 5.8% from last year.
Average Sales Price: $324,300
The average sales price is up 9.6% from last year at this time, and the median sales price is up 6.9% from last year.
Average Days on Market: 61
Days on market was down 6 days from last year, and down 2 days from last month.
COMMENTARY by Tom Ruff
In October, ARMLS reported a decline in year-over-year sales volume, down 1.2 percent. When we take into consideration one less business day this year, the 1.2 percent decline is greater than it appears on the surface. The last time we saw a downturn in our market like this was in August 2013, as the large institutional investors abruptly curtailed their purchases.
Sales volume in the following year fell nearly 11 percent before recovering in 2015, when sales volume returned to 2013 levels. Traditional homebuyers, led by boomerang and first-time buyers, replaced the opportunistic investors and sales grew four consecutive years, validating the adage that economists and analysts are great at predicting the past.
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.