Phoenix Metro Area Real Estate Market Update May 2017
The heat is almost upon us and maybe that is impacting the housing market because it is smoking! Here is our Phoenix Metro Area Real Estate Market Update May 2017, and as you can see…. it is on fire.
April 2017 wrapped up with stats and momentum that confirm a continued seller’s market. With only 10,247 new listings entering the market in Metro Phoenix in April 2017, down 16.0% from the previous month and 7.3% from April 2016, supply is not keeping up with demand. So it’s not surprising that we’ve seen our third consecutive month of unusually high jumps in average sold price, up a full percent again from last month to just over $292,000. Days on market has dropped to a value of 54, the lowest we’ve seen in years. Lenders are bringing back renovation loans to help buyers who are frustrated with the lack of updated inventory, and new builds continue to accelerate their market share for the same reason. Interest rates have flattened back out around 4.2% for 30 year fixed loans, and summer 2017 may buck some of the typical slow-down trends.
Beth Cheney Cox, UBG Market Analyst Data Source: ARMLS
As the temperatures continue to rise we anticipate that the market is going to continue to heat up as well so if you have any questions about the Phoenix Metro Area Real Estate Market Update May 2017 or Real Estate in general please contact Shane Cook at 480-703-3316 today!