The Metro Phoenix real estate market is currently favoring buyers. According to the Cromford Index that is produced by Cromford Associates LLC buyer demand is on the weak side. The image below (credit to Cromford Associates LLC) illustrates the market:
To further improve our data analysis we have made a couple of updates to how we do it. The two most important changes from this point forward are:
- We will only be analyzing single family detached homes. Previously we were analyzing all listings which included manufactured homes, town homes, patio homes, condos, etc…
- Previously we were calculating the sold price to original list price ratio. Moving forward we will be only including the sold price to list price (price at time of contract acceptance) ratio.
Here is our synopsis of key numbers in the market:
- Compared to June of 2013, the number of homes sold in Metro Phoenix* was down 337 homes. That is, the number of homes sold in June 2014 was only 91.68% of the same month last year. Gilbert, Paradise Valley and Tempe actually saw increases in home sales of 101.52%, 106.6% and 100.78% respectively.
- Price per square foot increased 7.5% in Phoenix in June of 2014 as compared to June of 2013.
- Homes are taking longer to sell today than they did last year. In June 2013 the average days on market in Phoenix was 52, this year it was 67. This can be explained by weaker buyer demand.
- Last year homes sold at 98.6% of list price in June. This year, June sales were 97.18% of list price.
| City/Zip | # of Sales | Avg Price/SqFt | Avg Sold Price | Avg List Price | Avg Days on Market | Ratio of sold to LP |
| Chandler | 355 | $134.65 | $294,048 | $301,252 | 61 | 97.61% |
| 85224 | 40 | $129.32 | $222,838 | $226,440 | 40 | 98.41% |
| 85225 | 85 | $119.60 | $206,371 | $209,206 | 60 | 98.65% |
| 85226 | 44 | $150.45 | $329,435 | $335,911 | 55 | 98.07% |
| 85248 | 24 | $153.70 | $368,062 | $377,132 | 60 | 97.60% |
| 85249 | 96 | $136.70 | $377,947 | $391,065 | 72 | 96.65% |
| 85286 | 66 | $136.59 | $277,581 | $283,801 | 62 | 97.81% |
| Gilbert | 469 | $127.58 | $284,459 | $290,120 | 64 | 98.05% |
| 85233 | 50 | $127.46 | $262,028 | $267,106 | 54 | 98.10% |
| 85234 | 92 | $130.00 | $275,999 | $282,262 | 51 | 97.78% |
| 85295 | 90 | $122.10 | $261,400 | $265,284 | 70 | 98.54% |
| 85296 | 95 | $123.83 | $263,786 | $267,994 | 60 | 98.43% |
| 85297 | 77 | $124.52 | $290,293 | $296,096 | 62 | 98.04% |
| 85298 | 65 | $140.90 | $368,919 | $378,594 | 89 | 97.44% |
| Glendale | 332 | $103.06 | $196,162 | $200,129 | 70 | 98.02% |
| 85301 | 30 | $73.43 | $120,510 | $123,840 | 102 | 97.31% |
| 85302 | 48 | $89.23 | $157,606 | $159,295 | 63 | 98.94% |
| 85303 | 30 | $85.99 | $149,140 | $150,435 | 66 | 99.14% |
| 85304 | 31 | $95.35 | $169,979 | $172,384 | 65 | 98.60% |
| 85305 | 17 | $95.79 | $211,224 | $215,247 | 77 | 98.13% |
| 85306 | 21 | $101.76 | $167,756 | $170,507 | 66 | 98.39% |
| 85307 | 14 | $94.64 | $158,336 | $165,642 | 87 | 95.59% |
| 85308 | 105 | $120.61 | $250,137 | $256,379 | 68 | 97.57% |
| 85310 | 36 | $123.32 | $239,089 | $242,940 | 55 | 98.41% |
| Mesa | 555 | $112.93 | $214,769 | $219,830 | 62 | 97.70% |
| 85201 | 27 | $102.92 | $180,503 | $184,989 | 57 | 97.58% |
| 85202 | 32 | $114.31 | $224,864 | $230,148 | 50 | 97.70% |
| 85203 | 31 | $109.69 | $206,201 | $215,875 | 49 | 95.52% |
| 85204 | 48 | $107.16 | $168,686 | $172,802 | 49 | 97.62% |
| 85205 | 65 | $109.45 | $203,971 | $209,237 | 63 | 97.48% |
| 85206 | 39 | $115.50 | $206,105 | $212,277 | 72 | 97.09% |
| 85207 | 78 | $128.78 | $280,008 | $286,061 | 69 | 97.88% |
| 85208 | 47 | $103.57 | $167,610 | $170,874 | 58 | 98.09% |
| 85209 | 59 | $111.86 | $219,477 | $223,346 | 70 | 98.27% |
| 85210 | 32 | $107.61 | $170,894 | $173,694 | 44 | 98.39% |
| 85212 | 44 | $114.72 | $242,853 | $247,414 | 64 | 98.16% |
| 85213 | 33 | $109.66 | $234,141 | $238,924 | 73 | 98.00% |
| 85215 | 20 | $122.83 | $239,690 | $246,505 | 79 | 97.24% |
| Paradise Valley | 35 | $277.80 | $1,462,771 | $1,569,217 | 159 | 93.22% |
| 85253 | 35 | $277.80 | $1,462,771 | $1,569,217 | 159 | 93.22% |
| Phoenix | 1369 | $122.59 | $239,947 | $246,907 | 67 | 97.18% |
| 85003 | 3 | $203.75 | $339,500 | $350,000 | 122 | 97.00% |
| 85004 | 1 | $62.58 | $99,000 | $99,000 | 276 | 100.00% |
| 85006 | 24 | $106.81 | $141,117 | $143,254 | 71 | 98.51% |
| 85007 | 16 | $172.16 | $231,706 | $241,581 | 81 | 95.91% |
| 85008 | 36 | $116.15 | $169,965 | $176,789 | 72 | 96.14% |
| 85009 | 16 | $56.96 | $72,856 | $73,343 | 30 | 99.34% |
| 85012 | 4 | $188.67 | $512,750 | $536,225 | 102 | 95.62% |
| 85013 | 21 | $153.07 | $297,476 | $302,560 | 93 | 98.32% |
| 85014 | 23 | $163.44 | $325,587 | $339,761 | 49 | 95.83% |
| 85015 | 31 | $109.16 | $162,835 | $168,315 | 65 | 96.74% |
| 85016 | 32 | $183.91 | $397,784 | $418,970 | 72 | 94.94% |
| 85017 | 21 | $68.78 | $93,223 | $93,802 | 57 | 99.38% |
| 85018 | 51 | $233.97 | $638,804 | $679,039 | 77 | 94.07% |
| 85019 | 16 | $67.82 | $109,461 | $113,694 | 54 | 96.28% |
| 85020 | 39 | $137.72 | $270,611 | $276,097 | 90 | 98.01% |
| 85021 | 36 | $136.00 | $296,177 | $303,013 | 72 | 97.74% |
| 85022 | 47 | $128.02 | $242,765 | $248,117 | 69 | 97.84% |
| 85023 | 34 | $114.52 | $195,741 | $200,793 | 53 | 97.48% |
| 85024 | 47 | $136.09 | $245,962 | $251,077 | 59 | 97.96% |
| 85027 | 39 | $109.42 | $165,575 | $170,010 | 61 | 97.39% |
| 85028 | 29 | $154.46 | $348,536 | $364,693 | 96 | 95.57% |
| 85029 | 55 | $94.53 | $157,386 | $161,028 | 77 | 97.74% |
| 85031 | 21 | $68.39 | $102,476 | $102,928 | 60 | 99.56% |
| 85032 | 72 | $134.90 | $226,697 | $233,371 | 59 | 97.14% |
| 85033 | 42 | $73.15 | $102,726 | $103,698 | 72 | 99.06% |
| 85034 | 1 | $93.71 | $97,000 | $99,000 | 25 | 97.98% |
| 85035 | 34 | $75.19 | $112,838 | $115,996 | 85 | 97.28% |
| 85037 | 62 | $85.68 | $129,948 | $131,557 | 62 | 98.78% |
| 85040 | 25 | $76.85 | $115,110 | $120,878 | 60 | 95.23% |
| 85041 | 57 | $80.08 | $151,625 | $153,053 | 61 | 99.07% |
| 85042 | 34 | $104.48 | $179,428 | $181,521 | 44 | 98.85% |
| 85043 | 33 | $85.49 | $133,135 | $133,350 | 49 | 99.84% |
| 85044 | 50 | $150.59 | $277,705 | $282,620 | 53 | 98.26% |
| 85045 | 9 | $158.91 | $448,933 | $463,478 | 56 | 96.86% |
| 85048 | 55 | $144.14 | $336,449 | $344,608 | 83 | 97.63% |
| 85050 | 59 | $165.62 | $375,327 | $382,363 | 59 | 98.16% |
| 85051 | 40 | $83.40 | $135,511 | $136,330 | 66 | 99.40% |
| 85053 | 31 | $107.42 | $169,661 | $172,995 | 43 | 98.07% |
| 85054 | 3 | $195.81 | $488,167 | $495,500 | 62 | 98.52% |
| 85083 | 37 | $126.74 | $268,838 | $276,584 | 78 | 97.20% |
| 85085 | 41 | $128.47 | $347,124 | $356,288 | 85 | 97.43% |
| 85086 | 41 | $136.87 | $368,422 | $379,203 | 79 | 97.16% |
| 85087 | 1 | $146.14 | $280,000 | $295,000 | 68 | 94.92% |
| Scottsdale | 470 | $209.59 | $634,644 | $664,945 | 103 | 95.44% |
| 85250 | 20 | $193.33 | $471,300 | $492,510 | 77 | 95.69% |
| 85251 | 29 | $189.17 | $391,666 | $412,815 | 72 | 94.88% |
| 85254 | 79 | $182.56 | $456,371 | $470,513 | 70 | 96.99% |
| 85255 | 100 | $257.11 | $966,892 | $1,020,873 | 125 | 94.71% |
| 85257 | 44 | $154.04 | $251,391 | $259,446 | 60 | 96.90% |
| 85258 | 50 | $224.12 | $635,571 | $658,512 | 105 | 96.52% |
| 85259 | 40 | $206.57 | $718,432 | $747,190 | 106 | 96.15% |
| 85260 | 49 | $190.80 | $482,988 | $496,203 | 72 | 97.34% |
| 85262 | 32 | $242.18 | $919,314 | $995,268 | 223 | 92.37% |
| 85266 | 27 | $210.19 | $744,235 | $779,750 | 155 | 95.45% |
| Tempe | 129 | $164.89 | $312,446 | $258,949 | 62 | 120.66% |
| 85281 | 25 | $140.84 | $193,003 | $200,448 | 56 | 96.29% |
| 85282 | 46 | $126.01 | $224,043 | $229,782 | 70 | 97.50% |
| 85283 | 32 | $251.14 | $499,560 | $261,912 | 52 | 190.74% |
| 85284 | 26 | $150.65 | $353,404 | $363,158 | 67 | 97.31% |
| Grand Total | 3714 | $135.11 | $307,053 | $315,112 | 71 | 97.44% |
*The data analyzed is from the Arizona Regional Multiple Listing Service (ARMLS) for Chandler, Gilbert, Glendale, Mesa, Paradise Valley, Phoenix, Scottsdale and Tempe, Arizona.
Joe Janus & James Plotnik, real estate agents and Realtors® specializing in the buying and selling of Distinctive Homes in Phoenix, Scottsdale and Paradise Valley, Arizona.
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