Phoenix real estate offers a number of housing options. Â As we are just entering April, statistics show a number of differences that continue to indicate that the market is in a slow and modest recovery. We have detailed Phoenix real estate trends below for a clearer picture of the market.
Phoenix, AZ Housing Inventory
Phoenix’s housing inventory has decreased not only when compared to March 2013, but to the previous year. Currently, the total number of homes on the market totals 2,693. This is a 5 percent drop from a month ago when the total number of homes on the market totaled 2,824.  When compared to a year ago, we see a 32 percent decrease at 3,986 homes on the market.  With the lower supply in inventory, this is yet another indicator that the housing inventory is in an upswing.
List Price
Phoenix experienced a tremendous jump in the median home list price over the last year. Â A year ago, the median home list price was 139,900. Â As of April 6, the median home list price was $214,000. This is jump of 54 percent. When compared to a month ago, the median home list price is up eight percent when the median list price was $199,900.
The median house size has also jumped, but nothing like the median list price. Currently, the median house size on the market is 1,173 square feet. That is a 1 percent jump from last month when the median house size was at 1,699 square feet. When compared to a year ago, we see a 3 percent increase when the median house size was then 1,670.
The median price per square foot has jumped, as well. The current median price per square foot is at $123 square foot. This is a 4 percent increase from March 2013 when the median price per square foot was $123. When compared to the previous year, we see a 45 percent increase when the median price per square foot was then $85.
New listings are also climbing. New listings figures for March 2013 total 2,284. When we look at September 2012 new listing figures total 2,129. December 2012 show the total amount of new listings to be 1,474.
A Steady Improvement
The Phoenix April 2013 housing industry started in very good position. The market has been steadily improving with home prices going up, inventory going down, and market rates still at lows. The median days on market are also down. Currently, the median days on market are 40 days. This figure is down 5 percent from March 2013 when the median days on market figure was 42. When compared to a year ago, the there is a 30 percent decrease when the median days on market 57.
Mortgage rates are still low, however, they have increased slightly. Currently, a 15 year fixed rate mortgage can be obtained at a 3.375 percent interest rate. A 30 year fixed rate mortgage can be obtained at a 4.25 percent mortgage rate, and a 7/1 ARM mortgage can be obtained at a 3.062 percent interest rate.
The figures show just what a positive position the market is in, which is a prime indicator that now is the time to buy.
