The Phoenix/Maricopa County area real estate market ended May in very good shape. Usually around this time of year we see a slight decrease in market interest as the summer vacation season rolls around and many buyers and sellers turn their attention away from real estate. Maybe it’s the lure of vacations to cooler climates, or school being out, but it is a pattern we see this time of year. However, this May the number of homes sold was up from April. This could simply be pent-up demand from earlier in the year, or buyers wanting to conclude sales before the summer vacation season, but it could also indicate that our usually placid summer market may be a bit more spirited than usual.
The average home sale price in Maricopa County edged up further, indicating that demand for homes may be a bit higher than the supply. The fact that May ended with a scant 2.12 month’s worth of inventory indicates that competition for available homes may start heating up even more. We haven’t seen this low an inventory in a long time. The next few months will be interesting, as well as when the market picks up again in the fall.
When we compare May 2017 with May 2016, we see that the real estate market continues to grow.
May 2017 new listings, 9,256 versus 9,139 in April and 8,783 in May 2016.
May 2017 active listings, 18,300 versus 18,158 in April and 19,916 in May 2016.
May 2017 sold listings, 8,652 versus 7,743 in April and 7,788 in May 2016.
May 2017 average sale price $311,763 versus $304,151 in April and $294,686 in May 2016.
** Data provided by ARMLS and is not guaranteed as accurate by ARMLS.