July 2019 Phoenix Market Report
Total inventory has a month-over-month decrease of -9.0% while year-over-year reflects a decrease of -8.8%. Sales are down -1.3% month-over-month. The year-over-year comparison is up +9.7%. The average sales price is up +6.6% year-overyear while the year-overyear median sales price is also up +5.7%. Days on market were up +3 days year-over-year while month-over-month went down by -2.
Commentary by Tom Ruff
July saw 19% of sales with sale prices over asking price, the highest since 2013. It’s not the highest percentage we’ve ever seen historically. The years between 2008-2013 were dramatically higher in sales over asking price, but back then homes were selling for less than the cost of a used car and it was a nobrainer to pay a little more and hold long-term. Over the past 4 years this measure has become more seasonal and July typically has the highest percentage of the year.
*STAT Market Reports are our market-wide reports produced each month by ARMLS.