The Greater Phoenix housing market continues strong and healthy and continues to strongly favor sellers over buyers. In fact, 2017 is shaping up to be one of the best years for home sales in Metro Phoenix.
At the low end of the price market, the number of homes continue to decline. Below $175,000 there are just over 1,000 homes offered for sale. By comparison, in2011 there were 11,000 homes available for sale. Once sale prices reach the $200,000-$250,000 price range there are more listings than two years ago, however, the sales rate has increased 41% over the last two years thus, the days of measure has declined despite the higher active listing count.
The mid price range of $250,000-$500,000 is slightly different. The number of active listings is 8% higher than two years ago. However, the annual sales rate has increased 46%, so the extra supply is completely overwhelmed by the increase in demand.
The price range in excess of $500,00 shows mixed results. There is more than a 12% increase in supply than Two years ago. However, the annual sales rate for homes over $500,000 has shown an increase of 37%. The growth in demand is much faster than the growth in supply. Prices in most luxury areas are starting to rise again, particularly for homes under $1,500,000. Homes priced in excess of $1,500,000 has shown sales increased by 11%, while supply has risen by 29% thus creating the only problematic section of the Phoenix Metro market.