Real estate market report for the greater Phoenix, AZ metro area.
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Predictions for the Phoenix area Housing Market in 2019
Maricopa County was reported by US Census data to be one of the fastest growing counties in the US, with the highest number in the country for net growth. The annual population increase will continue to keep demand strong and supply low, which is good news for the Maricopa County homeowner concerned about rising home values. However, the market continues to be a challenge for the first-time home buyer, with fewer homes at the lower end of the market.
National Real Estate Statistics
The National Association of Realtors® reported the median single-family home list price in February 2019 was $249,400, and existing home sales. recovering some ground after several months of flat sales, rose 11.8%.
Properties remained on the market for an average of 44 days nationally in February 2019, which was slightly lower than January’s average of 49.
Nationwide the inventory grew by 3.2%, and unsold inventory also rose slightly to 3.5 months of supply.
Housing inventory remains a problem in many areas of the country. According to Lawrence Yun “For sustained growth, significant construction of moderately priced-homes is still needed. More construction will help boost local economies and more home sales will help lessen wealth inequality as more households can enjoy in housing wealth gains.”
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 February 2019 median list price average was $264,000, which is 4.5% higher than last February’s median, $252,500. The median sales price is expected to increase in March.
Days on market in the greater Phoenix area in February was 73, down 3 from last February, and down 1 from January 2019.
Inventory is down in the Phoenix metro area from 4.28 month’s supply in January 2019, to 3.63 month’s supply in February. Low inventory is driving price appreciation in most markets within the Phoenix metro area.
|Apr-18||$ 254,000||$ 322,000||21772||12309||8990||2.42||66|
According to a recent article by Freddie Mac ” “The United States is not building enough housing to meet demand. The current annual rate of construction is about 370,000 units below the level required by long-term housing demand. And after years of low levels of building, a significant shortfall has developed, with between 0.9 and 4.0 million too few housing units to accommodate long-term housing demand. In our latest Forecast, we forecast housing construction to pick up gradually. However, it will still be a year or more before the level of building matches incremental annual long-term housing demand. To bridge the shortfall of total units, the U.S. housing market may need to supply more than 1.6 million units per year. Until construction ramps up, housing costs will likely continue rising above income, constricting household formation and preventing homeownership for millions of potential households.”
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