<<< back to article list

Fletcher Wilcox at Grand Canyon Title With Crazy Interesting Numbers


  • +1

Blog by Doug Ingersoll | June 26th, 2017


June 23, 2017

www.TheWilcoxReport.com

Home Prices Keep Going Up!

May 2017 Trends for Previously Owned Single Family Homes in Maricopa County (Greater Phoenix)

By Fletcher R. Wilcox, Grand Canyon Title Agency, FWilcox@GCTA.com  602.648.1230

May 2017 Results

The median sale price for a previously owned single family home in May was $269,000.  The last time the sale price was $269,000 or higher was almost

ten years ago.  It was August of 2007.  The data in this report was compiled from the Arizona Regional Multiple Listing Services, Inc.  The geographic area is Maricopa County

(Greater Phoenix).  The May 2017 median sale price represented a year-over-year increase of 6.5% or $16,500 compared to May 2016 when it was $252,500. 

This is a healthy increase.  See Table A.

A Brief History of Median Sale Price

The first time in Maricopa County history that the median sale price of a previously owned single family home reached the May 2017 level was in June 2005.  Back then the 

year-over-year increase was not 6.5% or even close.  It was 47.1% or $86,500.  It went from $183,500 in June 2004 to $270,000 in June 2005.  I recall that this increase lead the nation. 

This was a preview of what was to come.  See Table B.

The May median sale price of $269,000 has come a long way since August 2011 when it bottomed at $120,000.  But it still has a little way to go to reach the peak month of $287,500 in June 2006.

  

Table A

Year-Over-Year Comparison > Median Sale Price of Previously Owned Single Family Homes

      2016

     2017

      Change

% Change

January

$      239,000

$      251,115

$      12,115

5.1%

February

$      240,000

$      254,700

$      14,700

6.1%

March

$      241,250

$      255,000

$      13,750

5.7%

April

$      246,000

$      260,000

$      14,000

5.7%

May

$      252,500

$      269,000

$      16,500

6.5%

Table B

Historic Comparison > 2004 to 2005 > Median Sale Price of Previously Owned Single Family Homes

2004

2005

Change

% Change

January

162,000

205,000

43,000

26.5%

February

162,500

210,000

47,500

29.2%

March

169,000

228,000

59,000

34.9%

April

169,900

242,000

72,100

42.4%

May

175,900

256,554

80,654

45.9%

June

183,500

270,000

86,500

47.1%

July

180,500

275,000

94,500

52.4%

August

183,000

279,000

96,000

52.5%

September

185,000

280,000

95,000

51.4%

October

187,900

280,000

92,100

49.0%

November

190,000

275,900

85,900

45.2%

December

199,000

279,000

80,000

40.2%

Total

180,000

260,000

80,000

44.4%

                                                                                                                                                                   

Sales in May 2017

May 2017 sales were up 9.5% or by 614 compared to May 2016.  Additionally, May 2017 sales were up 13.3% or by 834 over April 2017.  

Compare this to May 2016 sales which were up 5.4% or by 332 over April 2016.  See Table C. 

New Monthly Listings in May 2017

May 2017 new monthly listings had the highest year-over-year increase for a month this year.  There were 466 more listings that hit the market 

this May than last May.  This jump in inventory most likely will help keep the sales momentum up in June and July. 

Overall, the number of new monthly listings is flat when comparing the number for the first five months of 2017 to 2016.  See total in Table D.  

Estimated Months of Supply by Price Point

It is a seller’s market for homes priced under $600,000 (as long as they are priced right).  For all price points under $600,000 the estimated months

of supply is under four months.  The price range with the highest number of sales was $200,000 to $249,999.  The estimated months of supply in this

range was one month.  See Table E.    

Table C

Year-Over-Year Comparison > Sales of Previously Owned Single Family Homes

2016

2017

Change

% Change

January

3,712

4,278

566

15.2%

February

4,164

4,670

506

12.2%

March

6,020

6,664

644

10.7%

April

6,117

6,229

112

1.8%

May

6,449

7,063

614

9.5%

Total

26,462

28,904

2,442

9.2%

Table D

Year-Over-Year Comparison > New Monthly Listings of Previously Owned Single Family Sales

2016

2017

Change

% Change

January

7,524

7,332

-192

-2.6%

February

7,524

7,216

-308

-4.1%

March

8,297

8,726

429

5.2%

April

7,888

7,477

-411

-5.2%

May

7,285

7,751

466

6.4%

Total

38,518

38,502

-16

0%

Table E

Estimated Months of Supply by Price Range > Previously Owned Single Family Sales > Maricopa County

Residential Sold Price Range

Sales            May 2017

Active Listings June 5

Estimated Months of Supply

Short Sales (No.)

Short Sales (%)

Lender-Owned Sales (No.)

Lender-Owned Sales (%)

Traditional Sale (no.)

Traditional Sale (%)

Total

Under $50,000

2

4

2.0

0

0%

0

0%

2

100%

100%

50,000 to 99,999

32

17

0.5

2

6%

5

16%

25

78%

100%

100,000 to 149,999

268

145

0.5

12

4%

14

5%

242

90%

100%

150,000 to 199,999

1,241

833

0.7

19

2%

20

2%

1,202

97%

100%

200,000 to 249,999

1,490

1,550

1.0

11

1%

11

1%

1,468

99%

100%

250,000 to 299,999

1,213

1,672

1.4

9

1%

9

1%

1,195

99%

100%

300,000 to 349,999

801

1,261

1.6

6

1%

5

1%

790

99%

100%

350,000 to 399,999

555

1,178

2.1

6

1%

4

1%

545

98%

100%

400,000 to 499,999

654

1,620

2.5

4

1%

5

1%

645

99%

100%

500,000 to 599,999

270

1,036

3.8

1