The number of existing homes sold in NoPho, the I-17 corridor between Norterra and New River in North Phoenix, fell to 101 in January. That’s 17 percent lower than December and 22 percent lower than January 2017, according to the latest analysis by North Phoenix News and In&Out Magazine.
The softer January sales follow a very busy year. In 2017, more existing homes were sold nationwide than in any year since 2006. In NoPho, the number of existing homes sold rose 10.3 percent in 2017 compared to 2016.
The January softness can be attributed at least partly to relatively few homes on the market: Inventory remained below a six-month supply in all five zones and is particularly low in Anthem Parkside (just 1.4 months). Less than six months is considered a “seller’s market.”
Given the relatively small numbers overall, it will take additional months of data to see if the softer sales represent a trend.
Meanwhile, the average price fell in all five zones even as price per square foot was higher in four and unchanged in one. This indicates, at least in part, that the homes closed in January were generally smaller. Details on each zone: