---Arizona Real Estate Market Update October 2016----

Tis the season... to slow things down, unless your buying a new build in west valley. But seriously, it is that time of year when things slow down, slightly at least.  The graph below illustrates the seasonal trends nicely. 

-----------Some notables----------- 
-September 2016 sales volume was up 5.7% year-over-year.
-Total inventory Total inventory has a month-over-month gain of +1.7% while year-over-year reflects an increase of +3.3%


- The average sales price is up +7.9% year-over-year while the year-over-year median sales price is also up +9.0%

----------Noteworthy------------
- New home sales account for a large portion of the sales.

- The median price for a newly constructed home is $321,258, while the STAT median price home is $230,000. Only 16.8% of the newly constructed homes are selling at or below $230,000, of this 16.8% most of these sales are occurring in Buckeye, the western outskirts of Phoenix, Peoria and Goodyear. Our shortage of inventory at the lower price points is getting little aid from new construction as only 136 new homes on average are being sold in this price range.

-Just in from the humor desk;

New Study Finds Most Of Earth’s Landmass Will Be Phoenix Suburb By 2050 

http://www.theonion.com/article/new-study-finds-most-earths-landmass-will-be-phoen-54107

 

 

On the Horizon -

STAT is projecting 6,850 sales in October. Total sales will continue with seasonal declines through November. Total sales for the first nine months of 2016 is 3.03% higher than 2015.

ARMLS has reported 67,892 total sales running this year compared to 65,893 sales last year.

Looking ahead to October 2016, our model projects little change in the median sales price. The ARMLS Pending Price Index projects a median sales price of $228,000 with the betting man doubling down on $230,000. MLS sales volume in September was 7,328, which was 5.7% higher than the 6,935 of September 2016. September sales came in as expected with our projection of 7,175 missing the mark by only 153 sales. We begin September with 6,142 pending and 3,579 UCB listings 

 

Full report- 

http://www.armls.com/docs/stat-2016/stat-september-2016.pdf?sfvrsn=2

Rent Check- 

http://armls.com/docs/rent-check-2016/rent-check-september-2016.pdf