Full Transcript:
Hi there. This is Ian with the Kay-Grant Group. And today, we're going to be covering the June-to-July property STAT update for Arizona. We're going to be diving into what the current statistics look like, where we think where it's going to be, here in the next few months, so why don't we go ahead and jump on in.
When we look at the total inventory and this includes the whole state of Arizona, as well as available condos and single family homes, right now, we're standing at a 10,118. Now, remember, this is historical. This is from the month of June. We're going to go into where we're at currently for active inventory. And that's representing a 5.4% increase, which is really good news because this will help the market stabilize as inventory starts creeping back up in the market. But still, we do a year-over-year comparison, we're down by almost 30%.
Moving on to monthly sales, those are up by five point, well, almost 6% for month-over-month. The year comparison is up by just 1.6%. As for new inventory, we're looking at 9,875 new inventory on the market during the month of June. This is nothing but good news. We're looking at a year-over-year increase of nearly 18% with almost a 6% percent increase month-over-month. That's really good news, considering some of the other statistics that we're going to be covering.
When looking at average days on market, they are still declining. We're looking at a decrease of 29 days for year-over-year and month-over-month went down by two days. However, even with this decrease in average days on market, the new inventory hitting the market is overcoming this. So that's good news. When looking at the average sales price, the average sales price is up by almost 38% year-over-year while the median is up by 31.1%. This doesn't do a month-over-month comparison, but it is still significantly high when we do it year-over-year.
All right. So just looking at active inventory, and this is as of July 29th, 2021, we're actually looking at almost a thousand increase from the prior month of what we were looking at for what was active. While this doesn't reflect a total stability for the market, what this does represent is that new inventory numbers are creeping back up and that'll help bring the price per square foot, and just overall how much you're going to be paying for home, not down but it's certainly going to help level it off, become more stable.
Overall, what we think is going to happen over the coming months, pretty much what we're going to see for the remainder of the year is that we're going to slowly see more inventory come on the market, probably to the tune of anywhere between 500 to a thousand additional each month until we're back up into a healthy availability range, which that's an inventory of 15,000 to 20,000, somewhere in that neighborhood. So that's it. If you are going to sell your home, now is still an absolutely great time to do it, and we can help you with that. Also, if you are looking to buy, we can also help you find the best deal possible. Give us a call at 480-387-3990. Otherwise, we will see you next month.