The Phoenix/Maricopa County area real estate market ended August with a very good showing. Although the number of new listings that came on the market showed an increase from the previous month, the total number of listing decreased. It’s not unusual to see an uptick of new listings the end of summer, but the decrease in total listings is a good indication of healthy buyer demand which is supported by the increase in sold homes we saw during the same time period.
The average home sale price in Maricopa County dropped a bit in June, which is in line with the summer slowdown we see every year. However, we saw a rebound in August, again indicating that buyer interest is still keen.
We generally see a bit of an up-and-down market from summer through the end of the year, which things cooling off as summer temperatures rise and the market warming up a bit in late summer until it starts the holiday cooling cycle around September. I anticipate that this year will be no different as we’ve been experiencing a stable market for quite some time now.
When we compare August 2017 with August 2016, we see that the real estate market continues to grow.
August 2017 new listings, 8,524 versus 7,714 in July 2017 and 8,160 in August 2016.
August 2017 active listings, 16,245 versus 17,836 in July 2017 and 17,836 in August 2016.
August 2017 sold listings, 7,241 versus 7,011 July 2017 and 6,995 in August 2016.
August 2017 average sale price $309,021 versus $307,076 in July 2017 and $283,844 in August 2016.
** Data provided by ARMLS and is not guaranteed as accurate by ARMLS.