May 2018 Phoenix Real Estate Local Market Statistics

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“May

May 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 May. You can read more by clicking here: https://armls.com/docs/2018-May-STAT.pdf

Total Monthly Sales: 9,913

Sales are up 10.3% from last month, showing the summer months are hot in Phoenix real estate. From last year, sales are up 2.8%.

“May

Total Inventory: 20,676

Total dropping 12.1% from last year. This not only makes homes with on the lower end of the spectrum hard to get into, it shows that more rental homes are needed in the market for families starting out.

“May

Average Sales Price: $362,500

Average new list prices are up 5.1% since last year. As home prices rise, the market needs more rental homes, as fewer people can afford to buy.

“May

Average Days on Market: 63

Days on market is down 9 days since last year, while decreasing by 3 since last month. As usual for summers in Phoenix, this shows that homes are selling faster.

“May

Summary

Home prices are high. Homes are selling faster. There are just not enough homes in the price range most people want in the ARMLS PAR region, and when they come onto the market, they’re snapped up fast.

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.

All County is here for you!