Scottsdale and Phoenix Metro Real Estate Updates – August 2018

Real Estate Statistics Released for Scottsdale and Phoenix Real Estate Markets – August 2018

ARMLS (Arizona Regional Multiple Listing Service) releases two monthly reports that are released mid month for the previous month. These reports were released on Sept 18 2018.

  • STAT – a market wide residential report released mid-month with data from the previous month. Hence this September report is for the August 2018 real estate statistics.
  • Rent Check – monthly publication showcasing the Valley’s residential single family leasing market.

laptop with real estate statistics
Keep in mind these two definitions while reading these statistical reports.

 

  1. Median Sales Price – This means exactly half the homes are listed above this price and exactly half are listed below this price.
  2. Average Sales Price – The average sales price is arrived at by dividing the sales volume by the number of sales. The difficulty with this figure is that it is easily skewed by exorbitantly high or low prices. This is evidenced by the lowest single family sale in Phoenix for the month of August which was $195 – clearly a typo.

Takeaways From The Commentary

In spite of the negative national headlines, Phoenix Metro real estate market is faring better than the rest of the nation. Here are the real estate takeaway gems for August:

  • Sales volume has increased year over year since January 2015.
  • The decrease in sales is SEASONAL and happens every year.
  • 2018 sales are 2.53% ahead of 2017.

STAT Commentary – Phoenix Metro Real Estate Market – August 20182018-august-stat-commentary

STAT Report – Phoenix Metro Real Estate Market – August 20182018-august-stat-with-commentary

Rent Check – Phoenix Metro Real Estate Market – August 20182018-august-rent-check

This post was written by : Melissa O'Connell

News from NAR - National Association of Realtors