Metro Phoenix Market Report: March 2015

March 2015 Metro Phoenix Homes Sales

Metro Phoenix Home Sales soared in March 2015. 7,882 properties closed escrow last month. That’s a 34% increase from the 5,874 house sales in February 2015. It’s also a 16.8% year-over-year increase from March 2014. This is excellent news for sellers who hoped for strong sales during the spring selling season. Let’s be clear: 7,882 sales did not set any records, but it’s the most home sales since June 2013.

graph of Metro Phoenix home sales March 2014-March 2050

Here is a comparison of Metro Phoenix home sales by the number of bedrooms. Three bedroom homes remain the most popular:

1 bedroom 208 2.6%
2 bedrooms 1,701 21.6%
3 bedrooms 3,366 42.7%
4 bedrooms 2,038 25.9%
5+  bedrooms 569 7.2%

Metro Phoenix home sales were good. However, a decrease in properties for sale on the Phoenix MLS has created more of a seller’s market. Note that, as sales are going up, inventory is going down. Buyers are facing the prospect of prices increasing if these conditions prevail for a few more months.

historical graph of property listings in the Phoenix MLS April 2014-April 2015

The Cromford Market Index® provides a good visualization of the current seller’s market. Remember, anything over 100 indicates a seller’s market and anything under 100 indicates a buyer’s market. If you’ve been thinking about selling your home — NOW IS THE TIME!

Cromford Market Index® April 2015

Click here for a market evaluation of your Phoenix area home.

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Metro Phoenix Home Sales: Pricing

You would imagine prices going up in a seller’s market. That is what’s happening, though not too speedily. This chart may look a bit dramatic until you consider the scale. It starts at $123 per square foot and goes to $133 per square foot. The average over this 13 month period is $129. In other words, the price per square foot has not deviated more than plus or minus $3 per square foot over the last 13 months. However, the trend is definitely upward.

graph of Metro Phoenix home sales expressed in price per square foot March 2014-March 2015

Here’s a list of the cities experiencing the biggest changes in the Cromford Market Index®. It’s notable that Glendale and Avondale are the biggest seller’s market in the Valley at this time. Tempe and Mesa are not that far behind.

Metro Phoenix cities with  biggest increase in the Cromford Market Index®, April 2015

Want to talk about Metro Phoenix home sales? Call us at 480-445-9480.