April property sales were 1,878, up 9.8% from 1,710 in April of 2014 and 6.6% higher than the 1,761 sales last month. April 2015 sales were at a mid level compared to April of 2014 and 2013. April YTD sales of 6,026 are running 7.5% ahead of last year’s year-to-date sales of 5,604.
The Median Sales Price in April was $189,260, up 10.7% from $171,000 in April of 2014 and up 4.6% from $181,000 last month. The Average Sales Price in April was $239,594, up 9.5% from $218,857 in April of 2014 and up 3.3% from $231,987 last month. April 2015 ASP was at the highest level compared to April of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of April was 4,753, up 4.7% from 4,541 last month and down 16.7% from 5,704 in April of last year. April 2015 Inventory was at a mid level compared with April of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2015 MSI of 2.5 months was at a mid level compared with April of 2014 and 2013.
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 April was 52, down 20.0% from 65 days last month and down 8.8% from 57 days in April of last year. The April 2015 DOM was at a mid level compared with April of 2014 and 2013.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The April 2015 Selling Price per Square Foot of $129 was up 2.9% from $126 last month and up 8.8% from 119 in April of last year.
Selling Price vs Original List Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The April 2015 Selling Price vs Original List Price of 97.8% was up from 97.6% last month and up from 97.7% in April of last year.
Click here to access the full report – Market Action Report Phoenix
To search for real estate in Phoenix, go to www.AZmoves.com – Phoenix
To search for real estate throughout Arizona, go to www.AZmoves.com
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.