While most areas of the U.S. experience low real estate market activity during the winter months, the Phoenix AZ real estate market is a buzz with activity due in part to the high number of winter visitors, fondly known as snowbirds.
It is not surprising the average sales price of Single Family Phoenix homes increased 10.2% in one year to $296,476 from February 2015. Inventory of available homes is down 4.7% to 21,176 and home sales are down 3.2% to 5,696. This means we have low inventory that won't last more than 3.72 months at the current rate of sales. This is a bullish sign the Phoenix home seller has an advantage in negotiations with a Phoenix home buyer when there are very few homes that are similar.
Go to My Area website tab for more information about average sale price of detached homes and attached properties in each of the cities in metro Phoenix East Valley, view graphs showing the predictability of home price increases during the most active time of year to purchase a home and see how the average price of Phoenix homes have recovered over the last 5 years and much more!
In spite of the strong market performance, 9% of February sales were comprised of distressed properties (6% were bank owned and 3% were short sales). These are buying opportunities in any market, sadly at the expense of some who have fallen on hard times.
Visit my website www.SamElam.com loaded for information to assist a first time home buyer, seasoned real estate investor or home seller whose looking to move up, buy down or relocate. This site is highly mobile optimized and can load to your smart phone so it is always there to check the internet, keep up to date on your favorite Arizona cities.
Sam Elam, Associate Broker, CRS, GRI, e-PRO with 25+ years of real estate experience Berkshire Hathaway HomeServices Arizona Properties serving the Phoenix East Valley.