Real estate market report for the greater Phoenix, AZ metro area.
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National Real Estate Statistics
The National Association of Realtors® reported the median single-family home list price in March 2019 was $259,400, which is up 3.8% from March of 2018.
Properties remained on the market for an average of 36 days nationally in March 2019, which was slightly lower than February’s average of 44.
Nationwide the inventory grew by 2.4%, and unsold inventory also rose slightly to 3.9 months of supply.
According to Lawrence Yun, NAR’s chief economist, “Further increases in inventory are highly desirable to keep home prices in check”.
Maricopa County Statistics
Pinal County Statistics
Phoenix Metro Area Statistics
In the greater Phoenix metro area serviced by the Arizona Regional Multiple Listing System, ARMLS, the March 2019 median list price average was $267,000, which is 4.9% higher than the March 2018 median, $254,000. The median sales price is expected to increase in March.
Days on market in the greater Phoenix area in March was 72, which was the same in March 2018.
Inventory is down in the Phoenix metro area from 3.63 month’s supply in February 2019, to 2.78 month’s supply in March. Low inventory continues to drive price appreciation in most markets within the Phoenix metro area.
Month Year | Median Price | Average Price | Active | Under Contract | Sold | Months Supply | DOM |
Mar-19 | 267,000 | 338,000 | 23164 | 11995 | 8344 | 2.78 | 72 |
Feb-19 | $264,000 | $326,800 | 23271 | 10843 | 6409 | 3.63 | 73 |
Jan-19 | $262,100 | $326,100 | 22903 | 9247 | 5357 | 4.28 | 72 |
Dec-18 | $262,000 | $326,000 | 20694 | 6441 | 6403 | 3.23 | 68 |
Nov-18 | $262,000 | $326,500 | 21477 | 8030 | 6515 | 3.3 | 64 |
Oct-18 | $262,000 | $324,300 | 21742 | 8307 | 7182 | 3.03 | 61 |
Sep-18 | $260,000 | $317,500 | 20200 | 8591 | 6897 | 2.93 | 63 |
Aug-18 | $263,000 | $322,800 | 19822 | 9193 | 8036 | 2.47 | 62 |
Jul-18 | $265,000 | $320,500 | 19755 | 9135 | 8380 | 2.36 | 60 |
Jun-18 | $268,000 | $333,600 | 20357 | 10618 | 9079 | 2.24 | 62 |
May-18 | $265,000 | $331,000 | 20676 | 11630 | 9913 | 2.09 | 63 |
Apr-18 | $ 254,000 | $ 322,000 | 21772 | 12309 | 8990 | 2.42 | 66 |
Mar-18 | $254,000 | $316,400 | 21703 | 12319 | 9402 | 2.31 | 72 |
Feb-18 | $252,500 | $308,000 | 21771 | 12161 | 6911 | 3.18 | 76 |
Jan-18 | $245,000 | $315,300 | 21664 | 10696 | 6082 | 3.56 | 77 |
Maricopa County Total Inventory vs New Inventory
- 12725,11850,10798,10201,9905,9832,10911,12319,13516,13322,13336,14325
- 6789,6266,6228,5949,5487,6226,6387,6632,5636,4268,7555,7146
Information is deemed to be reliable, but is not guaranteed. © 2024
Maricopa County Absorption Rate
The absorption rate is calculated by dividing the average number of sales per month by the total number of available homes. This shows the rate at which available homes are sold in a specific market during a given time period.
- 2.32,2.23,2.1,2.01,1.96,1.96,2.18,2.5,2.75,2.73,2.74,2.94
Information is deemed to be reliable, but is not guaranteed. © 2024
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