Long Term Trends

Inventory remained largely unchanged in March as total active listings were 21,005, which is nearly the same amount of inventory we had a year ago. And we are slighlty above our 5 year average of 18,982 homes for sale in March. 

Sales and demand are extremely strong as we are in our peak selling season. Total sales for March was 8,395 which is an 8.4% increase from a year ago. And sales volume is above our 5 year average of 7,912 sales for the month of March.

Median sales price for March was $215,00 which is approx 7.5% better than a year ago. This well above the 5 year average of $180,040 and shows us the radical improvement the market has made over the past 5 years. 

Average days on market was unchanged at 79. This is, however, a significant improvement from a year ago when it was 92. The 5 year average is 83. These trend lines are normal and consistent with trends we see each year.

The average sold to list price for March was 96%, which is largely unchanged from the previous month. The 5 year average is 95.6%, so again we are seeing normal trend lines.

Short Term Trends

The most radical short term trend I can see is that Closed Sales went up 47.4% from the previous month! 8.395 Closed Sales is the 2nd highest amount of sales we've had in a month in the past 2 years. What's also important to note is New Contracts (pending sales) went up 12.8% from February to March which means April will be another very strong month for Closed Sales. This tells us that demand is extremely strong right now and getting stronger! So if you are planning to sell your house you should get it on the market NOW before demand fades toward the end of the summer which is the typical pattern. Currently we have approx a 2.5 month supply of inventory on the market. March and April are typically the strongest months for sales volume every year and it appears to be that way again this year.

The market is favoring Sellers right now, however that may change once we get into July and August. The chart below shows the extreme jump in Closed Sales last month and New Contracts (pending sales) which tells us April closing will be very strong as well.

Download March 2016 Housing Report

Interest Rate Watch

ARIZONA 30-YEAR FIXED MORTGAGE RATES GO DOWN TO 3.47%

Thursday, April 28, 2016

The current average 30-year fixed mortgage rate in Arizona decreased 3 basis points from 3.50% to 3.47%. State mortgage rates today ranged from the lowest rate of 3.40% (HI, SD, WY) to the highest rate of 3.54% (WV). Arizona mortgage rates today are equal to the national average rate of 3.47%.

The Arizona mortgage interest rate on April 28, 2016 is down 1 basis point from last week's average Arizona rate of 3.48%.

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