So far in 2016, home buyer activity in February is very similar to 2015. For the entire Phoenix real estate market, contracts in escrow are up 8.6% over this time last year, and that is conservative considering we started off the year with 15% more contracts in escrow. For February, the median sales price of a Phoenix real estate home was $210,000.
Buyers in the market for homes under $150,000 will be competing heavily for these properties because the supply of homes in this price range are down 40% from a year ago. This reduction in supply is a big reason why listings in escrow are down 27% in this price range. Similarly, the supply for homes in the $150-200K range is down 20%. These price ranges are very popular with first-time home buyers and Phoenix real estate investors.