December, usually one the quietest months in terms of closings, saw nearly 7,200 sales, matching November demand, and up 0.8% from December 2016 units. This robust demand relative to shrinking active inventory (down 8.9% from a year ago) means homeowners are poised for another year of significant equity gain. In 2017 there were over 95,000 closed ARMLS* residential sales and 117,000 new listings, an extremely high 82% absorption rate. 2016 and 2017 marked long stretches of supply and demand trends that favored sellers, with momentum pointing to more of the same.
Data source: ARMLS*
*Arizona Regional Multiple Listing Service