Monday, August 22, 2016

July 2016 the weather is HOT in Arizona just like the Real Estate Market.

Last month STAT projected a median sales price for July of $223,000 with the added caveat that their mathematical projections have been coming in slightly lower than the actual results for most of this year. They expected a decline in the median sales price in July, but they also thought it would probably not be as low as our projection of $223,000. The actual median sales price in July was $225,000, 0.9% higher than the $223,000 projected by our mathematical model. 

Looking ahead to August, the ARMLS Pending Price Index projects a median sales price of $225,000. MLS sales volume in July 2016 was at 7,630, which was 284 fewer sales than July 2015 at 7,914. STAT had expected July sales volume to be lower than the total last year as there were only 20 business days this year compared to 22 business days last year. We begin August with 6,705 pending and 3,633 UCB listings giving us a total of 10,338 residential listings practically under contract. This compares to 9,726 of the same type of listings at this time last year. There are 23 business days in August this year compared to 21 business days in August of 2015. August 2016’s sales volume will definitely be higher than last year’s total of 7,010 and because of the calendar nuances they are expecting August sales volume to also surpass July’s sales total of 7,630.

There are 19,530 active listings in the valley, of those listed 8,752 sold. This equals to 3 months supply of homes, Average days on market were 74 days.  

Wow- what does all that mean?  If you are thinking of selling- now is a good time!  Contact me for a Free market analysis and a guide to get started!  

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