Join Ian as he provide the monthly Arizona Property STAT update. Nothing but good news this time around.
Full Transcript Below.
Hey, everybody. This is Ian with the Kay-Grant Group. Today, we're going to be covering the May-June Property Stat Report for Arizona. We're going to be going over inventory trends. At the end of this video, we're also going to be covering some factors that are going to be affecting the future, so please stay tuned until then. So, without further ado, let's go ahead and get started.
All right, when we go ahead and look at total active inventory during the month of May, that was 9,602. Still not a ton, but it did see a slight jump, as far as month-over-month as available inventory. We'll go a little bit more into current numbers a little further in the video, but it also still reflects a 43.1 decrease year-over-year. Jumping into monthly sales, believe it or not, we're actually down. This is really good news, because we're starting to see a trend where less sales are occurring and inventory is starting to creep up. It was down by 3.7% for month-over-month from April to May. However, year-over-year is still up by 33%.
All right, checking out new inventory. That, unfortunately, overall is down by 7.1% from month-over-month. But the good news is that it's still a little bit higher when we do a year-over-year comparison. And for our favorite one, average days on market, we're actually looking at 21 days year-over-year decrease, while the month went down by three days. People just cannot get enough of them, at this point. And to nobody's surprise, the average sales price is still up by 33 and a half percent for year-over-year, and the median price is up by 25%. While doing a comparison of average price per square foot over the valley, we're seeing a net average of seven to 8% increase month-over-month currently.
And now we're going to go ahead and jump into more current trends for June, as of this recording on June 17th. When we search for active properties, there are 5,301. This actually represents about an average of 1,000 more than was available last month. This is nothing but good news, as far as stabilization of the market. Now, we're also going to go ahead and jump into some other key trends that are starting to develop, that will further impact what housing prices are going to look like over the course of the next six months.
Let's go ahead and look at a very recent development. As most have probably paid attention, if you're shopping for a home, lumber prices had tripled over historical trends. Now, the good news is, according to The Wall Street Journal, and a couple of other reports, is that the futures for lumber have dropped by over 40%. This is nothing but good news going into what are the future of home prices going to be? Now, is this going to drop home values dramatically? More than likely not. This will probably just lend itself to a more stabilizing trend whenever you're going to be buying a new home, so this is just looking on the upside.
A couple of other factors to take note of. More good news is that we are actually seeing migration trends to Arizona going down. How do we know this? You can actually check the U-Haul index and it'll give you a one to 50 range of where everybody was moving, and you can inverse that and say, "This is where everybody was leaving." In this case, the vast majority of people that are coming here are from California. You can find the index pretty easily just by searching it. But to give you a little bit more of what that actually means is this is the price to do a one-way from San Francisco to Scottsdale. And this time last year... This actually represents an average price point. But for this same truck, this time last year, this was between five and $6,000 for a one-way out of San Francisco.
And to illustrate the point even further, because I had to personally deal with this, and this is the cost of what it costs to rent that same truck direct from LA to Scottsdale. When I had to do this last year, the one-way was roughly $3300. We're looking at a price reduction of 80%, and I actually just ended up renting one here, in Scottsdale, driving there and back, and saving myself $2500. But moving onto the wrap-up.
Here, at Kay-Grant, we do think that is it going to be a buyer's market anytime soon? Absolutely not, it'll still remain a seller's market for quite some time. However, we are seeing key indicators that are going to help bring stability to the market. So, until then, if you need a home bought, or if you need help selling your home, do not hesitate to give us a call, and we'll catch you next month.