Phoenix Housing Market Report For October 2015

This Phoenix Arizona Housing Market Report covers in depth data of homes sales for October 2015 and how they compare to the previous month. As you can see, for October 2015, there is an almost even split in red arrows and green arrows.

Unfortunately the Phoenix real estate market is seldom as black and white, (or in this case red and green) as we’d like it to be and so correctly interpreting the data is critical if a buyer or seller is to make an informed decision.

Homes sold during October 2015 in Phoenix AZ

This is the time of year that we begin to see a slow down in activity both of the part of buyers and sellers and things will continue to slow as we get closer to the holidays.

Let’s have a look at some of the important data categories.

  • Active Listings have increased slightly over the previous month, but not enough to really impact the market.
  • Pending Listings are up, as are Listings Under Contract, both good signs for buyers and sellers.
  • Sales per month are down about 12% but that is expected and well within the seasonal norm.
  • Days on Market for homes sold during October were down from 62 to 61.
  • Days on Market for all Active Listings was up by 2 days but the more important of the two data categories is DOM for homes sold. A few listings that are over priced can cause the DOM for Active Listings to be higher than it should be.
  • The dollars per square foot, ($/SF), numbers are a mixed bag but the one I focus on for a more long term outlook is Annual Sale $/SF and that number is up but by less than 1%.
  • Of all the appreciation numbers the one I’m most interested in whether I’m buying or selling is the Long Term $/SF and that is unchanged at 3%.
  • Listing success rate, the percentage of listings that closed with a sale rather than expiring or being canceled is down again this month to 72%. This points out the need to hire an experienced local expert to guide you through the selling process.
  • The remaining monthly and annual sales categories reflect the beginning of the slow down we spoke of at the top of this post and don’t hold a lot of surprises.

This report for the greater Phoenix Metro area includes dozens of zip codes and hundreds of subdivisions. All real estate market trends are local by nature. For example, one neighborhood may be appreciating quickly while another neighborhood a few blocks away may not be.  There is a saying “aim small, miss small”, in other words, the smaller and more well defined the market the more accurate the information. It’s best if you can look at a comparative market analysis, (CMA), of the neighborhood you live in or wish to live in.

I do several CMA’s each week and would be happy to do one for you. They can be in your hands quickly and without cost or obligation. All you have to do is ask. Text or call Nancy Laswick 602-793-1627 and ask for a CMA of the neighborhood you live in or would like to live in, or both if you’re thinking of selling and either up-sizing or downsizing.