December 2015 MLS Market Report for Phoenix
Home sales in December were up 6.5% from last December, but down 15.8% from November. Inventory remains low and the amount of homes for sale in 2015 as a whole was lower than the homes on the market in 2014. Home buyers had fewer homes to choose from in 2015 but this did not cause a large increase in home prices. In fact the approximate 5% increase in sales prices from last year is close to normal yearly appreciation.
The amount of foreclosures and short sales on the market continues to decline. We ended the year with 24.5% less short sales and 43.6% less lender owned than 2014. Home sales in 2015 exceeded 2014 in every month but January. These are both good signs for our local housing market.
BUYERS: With interest rates still low it's still a great time to buy a new home! With the present level of housing inventory buyers should expect to see some competition, especially in the $200,000 and lower price range.
SELLERS: Our low inventor provides sellers with a great opportunity! Buyers are actively taking advantage of interest rates while they remain low and Phoenix's "selling season" begins now so it's a great time to sell your home!
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Click on the image below to view Phoenix's December 2015 Real Estate Market Report.