November 2017 saw a significant, encouraging single month 3.9% jump in average sold price for Metro Phoenix homes, to $308,500. Typically prices flatten or even dip during the last quarter of a year, so this bodes well for sellers in 2018. Year over year, this is a 9.6% jump in price, back to within 12% of peak 2007 values. Demand trends are also encouraging, on pace to round out the year with more MLS sales than any other year since 2011. Homes are selling at a brisk pace, still in less than two months on average, and inventory is down 6% from a year ago. Arizona is a hotbed for exciting tech startups and migration destination of established companies alike, bolstering our job market, population, real estate values, and future. This is all promising for the Phoenix real estate market.
Beth Cheney Cox, United Brokers Group Market Analyst
Raw Data Source: ARMLS