Phoenix AZ Real Estate Housing Market Trends Report May 2018 and House Value
Here are Phoenix AZ Housing Market Trends Report May 2018 for Single Family Detached Home and statistics. Be sure to Contact Us, if you have any questions about this report or about how the market is performing. This report includes MLS data for the past 12 months for Phoenix AZ provided by the FlexMLS system.
- New Listing had increased about 2.3% from May 2017
- May 2018 average sold price for single family home in Phoenix AZ was $335,824, that is about 14.1% increased from a year ago
- Median sold price in May 2018 was $274,000, which had appreciated about 14.2% from May 2017
- 99% of single family homes sold in May 2018 are traditional sale
- Most expensive homes sold in May 2018 was sold for $3,500,000
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Number of Homes Sold in Phoenix AZ in May 2018
Based on May 2018 statistic, we saw 1,782 single family homes sold in Phoenix AZ compare to 1,853 of last year May. That’s about 3.8% decreased of single family home sold in Phoenix compare to a year ago.
In May 2018, we saw 58 days on Market (DOM), compare to 64 in a year ago. It took average about 58 days to sell your home in Phoenix in May 2018.
Median Sold Price for Single Family Homes Sold in May 2018
The median sold price for single family home in Phoenix AZ sold in May 2018 was $274,000. Compare to last year, median sold price in May 2017 was $240,000. The median sold price for single family home in Phoenix has increased about 14.2% from a year ago.
Click here to view Homes for Sale Under $250,000 in Phoenix AZ
2018 May Average Sold Price of Single Family Homes Sold in Phoenix AZ
2018 May average sold price for single family home in Phoenix AZ was $335,824. Compare to last year May at $294,228, the average sold price has appreciated about 14.1% from a year ago.
Click here to view Homes for Sale Under $325,000 in Phoenix AZ
The average sold price per square feet for single family home in May 2018 was $169.00 per square feet.
Based on the median sold price and average sold price statistic, buyer is paying more when buying single family home in Phoenix compare to one year ago.
Also Read: How rising interest rates will impact housing affordability?
Educated and savvy buyers understand that a competitive market gives them fewer options for home choices – even when inventory increases. Although this may vary from zipcode to zipcode and from price range to price range, buyers need to make sure they are fully informed regarding the specific market in which they have an interest. This will give them the best chance of being competitive when making an offer.
As a reminder, you need to meet with a real estate professional to see how statistics impact the area where you are considering selling or buying. Blended statistics will not be as accurate as a more detailed report we can provide to help you with your decision making.
If you are considering buying a home in Phoenix there is a sufficient inventory of homes to choose from and having a good real estate agent who understands the market is a must. Interest rates are still low so don’t wait too long on the sidelines; many listings when priced correctly are starting to sell within a few days of hitting the market.
Contact or call me at 480.721.6253 if you’re interested in knowing what your Phoenix home is worth in today’s real estate market or so we can discuss your housing needs. I look forward to talking to you and assisting with your real estate needs.
Affordable Financing Options Available
Several low down payment financing options including down payment assistance programs are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Phoenix AZ with a low down payment.
Wondering how much house I can afford?
Click here to access the Mortgage House Payment Calculator. Simply add in the price of the home you are considering and the calculator will return your estimated house payment. Change length of loan and interest rates to adjust results.
Selling your home in Phoenix Arizona
Contact Us or call Swee Ng at 480.721.6253 today to discuss your potential Phoenix AZ Home Price and our comprehensive marketing plan. We will prepare complimentary competitive market analysis (CMA) to find out what your home is worth at today’s market.
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