Phoenix 85050 Housing Market Report June 2015

This market report covers the June 2015 housing market for the 85050 zip code of Phoenix, AZ. The graphic shows the majority of arrow indicators to be green, meaning an improvement, no matter how slight, over the same category from the previous month, the red arrows show a negative change in the market while yellow indicated no change.

Phoenix 85050 Housing Market Report for june 2015

THE DATA

Active listings are up slightly but Sales per Month are up dramatically, almost 20%, and projected sales per year are up almost 3%.

Days on Market for houses that sold during the month are down significantly, and Days on Market for all listings has improved as well.

Days of inventory is down while Active Listings are up, and indicator of increased demand.

When we measure $/SF (dollars per square foot) of Active Listings we’re looking at the listing prices for those houses. And for June $/SF stayed the same as last month however Pending Listings $/SF was up less than 1% and Monthly Sales $/SF stayed the same.

That might lead us to believe that Avg Sale Price % List (Average Sale Price as a percent of List Price) List would be unchanged as well, but a look at that category shows an improvement with the average house selling for 98.2% of it’s listing price so houses that were overpriced were a small minority. Most homes were priced very close to true market value.

Monthly Appreciation moved from a -3% to a -2%. Long term Appreciation is down 1/10 of 1%.

Annual Growth in Sales per Month continues to eat it’s way out of the red and an  increase in Listing Success Rate is very good news for home sellers.

WHAT IT MEANS

Buyers will have more choices when searching for a home in Phoenix 85050 and sellers will need to price their properties in line with comparable properties in the neighborhood.

While demand is far from strong it is increasing and has since the first of the year. And while the demand isn’t red hot the months of supply are very low at 1.9 months. This means that if no other properties came on the market, the available supply of homes in Phoenix 85050 would be sold out in less than 8 weeks, so yes, it is still a sellers market.

Interest rates are still low and that’s good for both buyers and sellers but rates are starting to inch up and this will cause more sellers to put their homes on the market and more buyers to get qualified and buy. Why?

Because rising interest rates means that buyers will be buying less home for the same money and for sellers it means fewer qualified buyers for their home.

If you’re a buyer don’t wait, rates will increase, get a great Realtor®, get qualified and get going.

If you’re a seller list your home now while there is less competition and low interest rates.

Whether you’re buying or selling a home in 85050 or other parts of the valley I’d like to apply for the job. I’ve sold more than 200 homes over the past 10 years and I can do the same for you.