June 2016 Phoenix & Scottsdale June Real Estate Market Update
The latest version of STAT was released by ARMLS (the Arizona Regional MLS) today. In the below video Phoenix and Scottsdale Realtor Geoff Lilienfeld reviews STAT and describes the present condition of the Phoenix and Scottsdale real estate market.
Here's the transcription of this video:
Good morning and happy Friday. This is Geoff Lilienfeld with the Kay-Grant Group. We're Phoenix and Scottsdale metro area realtors. We're going to take a quick look this morning at ARMLS's latest version of STAT. ARLMS is the Arizona Regional MLS and they put out a monthly report of the market trends for the Phoenix metro area which of course includes Phoenix and Scottsdale real estate. This report we're looking at here is the June issue of the real estate STAT report just published today, July 15th. One of the first things that's most interesting to note here or that we do see a year over year increase of 2.2% in sales which shows that there is a continued upward trend in the market.
It's also extremely interesting to note here that we see this 5.6% increase in new inventory. That means that 5.6% more listings hit the market in June of 2016 than homes being listed in June of 2015. That's of course a very significant increase. We would expect to see this additional number of total inventory also increasing 5.6% year over year since we do have those new homes hitting the market, but the fact that the total inventory and the new inventory are in line does suggest that homes are still selling it at that similar rate. That's definitely good to see. Another number I want to come down and take a look at or the new list prices. We see that the new average list price is up 4.8% year over year. With the year over year median being up 8.3%.
Now of course list price is just the price that real estate has actually listed on the market for. It doesn't actually reflect the price that homes are sold for. What we do want to do though is take a look down here at the sales price to see that that is actually up 4.3% year over year on average with the median being up 7%. That is definitely a very significant increase for the market as a whole for the Phoenix and Scottsdale metro areas. The price forecast that we see here next is forecast about the MLS which does forecast the slight decrease in July. Whether or not that happens again, that is truly just a forecast. As we can expect to see, the distressed residential properties, pretty much being foreclosures are way, way down year over year as we've continued to see since the market crashed.
That does also include short sales. The average days on market for a home to sell did drop by 2 days year over year which isn't extremely significant, but that is a couple percent drop if you will. That's really the main items to focus on for the June issue of STAT. I hope that this analysis has been helpful. If you have any questions about the market conditions or if you are interested in purchasing or selling a home in Phoenix or Scottsdale metro areas, please do give us a call. Andrea Lilienfeld is available at 480-387-3990. You can call her, text her. You can also email her. Her email is firstname.lastname@example.org. She'd love to speak with you about Phoenix and Scottsdale real estate, market trends.
We live in the Old Town area. We are constantly in and out of all the various condo complexes within Old Town Scottsdale as well as all around the valley including Phoenix, Gilbert, Mesa, all the way out to Buckeye. If you have any questions, whatsoever about current real estate market trends, what we expect the market to do in the future or interested in some advice in real estate investing, please reach out.
Contact The Kay-Grant Group to discuss Phoenix and Scottsdale Homes for Sale
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Andrea is a specialist in Old Town Scottsdale condos for sale and would love to help you with purchasing or selling a condo or home in Scottsdale, Phoenix, or the metro area.
We also like to remind all of our visitors that before you utilize Zillow Scottsdale, AZ to conduct real estate searches that our website provides access directly to the MLS so that you have the most up to date information on Scottsdale homes for sale.