Market Observation
We are barely past the halfway mark for the month of March, and I wanted to share a couple of things I have noticed on the properties that have sold so far this month.
I am using data closing data pulled from ARMLS® (Arizona Regional Multiple Listing Service) for all types of properties.
If you are in the process of trying to buy a home, then you realize that it is extremely competitive right now. The number of homes listed for sale is extremely low and the number of buyers looking to purchase is high. Many properties are getting multiple offers.
To get your offer accepted, you need to understand the current market to make your strongest offer.
Sales by City
Let’s look at the number of properties sold so far this month.
As you can see, there has been almost 5,000 homes sold so far this month. The average sale price for homes sold in these listed cities is roughly $480,000 with the average days on market is 34.
The number that jumped out to me was when I compared the Sales Price to the Listing Price. That percentage is a little over 101%. What the means is that when comparing Sales Price to the Listing Price, the sales prices was greater than the list price by 1.02%.
Besides the March numbers, I included the sales number for the entire month of February. As you can see, the numbers for March are extraordinarily strong compared to February. The avg. sales price is 3.25% higher in March compared to February.
The real estate market in the greater Phoenix Metro area can have a wide range of property values. What do the numbers look like for the same cities when looking at price ranges?
Sales by Price Range
As you can see, homes that sold between $200,000 and $1,000,000 on average sold for over list price with the most competitive price ranges being between $200,000 and $600,000. On the low end and over $1,000,000, you see the sold price being slightly less than list price.
These numbers should help you prepare your offer depending on the price range that you are looking at.
If you are interested in the breakdown of Scottsdale, here it is:
Scottsdale Sales by Price Range
The numbers are remarkably like the rest of the market. However, notice that for the $0 – $200,000 price range shows sold price being greater than the list price. This is a price range that you will not find many properties for sale in Scottsdale. You see that so far there has only been 19 sold which is the fewest amount for any of the price ranges.
This market is incredibly competitive, and prices are rising. However, as you can see, homes are being sold.
If you have any questions, please comment below, or contact us.
Have questions about specific cities or areas, let us know.
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