April 2019 Phoenix Market Report

Total inventory has a month-over-month decrease of -0.3% while year-over-year reflects an increase of +6.0%. Sales are up +13.8% month-over-month. The year-over-year comparison is also up +5.6%. The average sales price is up +5.6% year-overyear while the year-overyear median sales price is also up +6.3%. Days on market were up +3 days year over year while month-over- month decreased by -3 days.

“So many people are coming here from expensive cities like Los Angeles, San Francisco and Seattle for our low cost of living and great weather. The trend is really increasing lately thanks to strong job growth and companies such as Allstate, Intel, Boeing, Microsoft and Facebook moving to the area. “When a California resident visits Phoenix and sees how much more home they can afford here, it really gives them something to think about. Plus, Phoenix property taxes are just so much lower. “Every one of the top migration destinations are attracting big crowds from California and New York—two states with some of the highest tax burdens in the nation. Even when home searchers are looking to leave their metro area, they mostly tend to stick to the same coast. For the west coast its Phoenix and Las Vegas.” –  Redfin chief economist Daryl Fairweather

*STAT Market Reports are our market-wide reports produced each month by ARMLS.