July Property sales were 7,025, up 16.7% from 6,021 in July of 2014 and 8.3% lower than the 7,661 sales last month. July 2015 sales were at a mid level compared to July of 2014 and 2013. July YTD sales of 45,365 are running 12.0% ahead of last year’s year-to-date sales of 40,518.
The Median Sales Price in July was $220,000, up 6.5% from $206,500 in July of 2014 and down 2.2% from $225,000 last month. The Average Sales Price in July was $273,576, up 4.8% from $261,061 in July of 2014 and down 3.5% from $283,469 last month. July 2015 ASP was at the highest level compared to July of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of July was 18,310, up 6.8% from 17,141 last month and down 13.4% from 21,135 in July of last year. July 2015 Inventory was at a mid level compared with July of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2015 MSI of 2.6 months was at a mid level compared with July 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 July was 52, equal to 52 days last month and down 14.8% from 61 days in July of last year. The July 2015 DOM was at a mid level compared with July 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 July 2015 Selling Price per Square Foot of $132 was down 0.6% from $133 last month and up 6.3% from 124 in July 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 July 2015 Selling Price vs Original List Price of 98.1% was equal to 98.1% last month and up from 97.6% in July of last year.
Click here to access the full report – Market Action Report Maricopa County – Phoenix
To search for real estate in Maricopa County, go to www.ColdwellBankerHomes.com/AZ/Maricopa-County
To search for real estate throughout Arizona, go to www.ColdwellBankerHomes.com/Arizona
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.