Phoenix, AZ – Real Estate Market Data – August 2012
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August Property sales were 1,998, down 13.4% from 2,308 in August of 2011 and 10.1% higher than the 1,815 sales last month. August 2012 sales were at a mid level compared to August of 2011 and 2010. August YTD sales of 15,436 are running 15.1% behind last year’s year-to-date sales of 18,184.
The Median Sales Price in August was $115,000, up 43.6% from $80,100 in August of 2011 and down 5.7% from $122,000 last month. The Average Sales Price in August was $155,018, up 33.7% from $115,970 in August of 2011 and down 3.5% from $160,695 last month. August 2012 ASP was at the highest level compared to August of 2011 and 2010.
The Total Inventory of Properties available for sale as of August was 4,193, up 5.6% from 3,971 last month and down 26.4% from 5,698 in August of last year. August 2012 Inventory was at its lowest level compared with August of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2012 MSI of 2.1 months was at its lowest level compared with August of 2011 and 2010.
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for August was 37, down 5.1% from 39 days last month and down 42.2% from 64 days in August of last year. The August 2012 DOM was at its lowest level compared with August of 2011 and 2010.
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Copyright © Coldwell Banker Residential Brokerage – Data is provided courtesy of Arizona Regional Multiple Listing Service, Inc.; Tucson Association of Realtors and Prescott Area Association of Realtors and may not reflect all relevant real estate activity. Coldwell Banker Residential Brokerage does not guarantee the accuracy of this information. It is the responsibility of any buyer or seller to verify any and all information relevant to such consumer’s real estate transaction.