The Phoenix real estate market report for March 2016 is looking as robust as ever. After a slow start in January and February, March was a much more active month. In all of Arizona, there were 8,395 homes sold. For the Phoenix market, there were 2,006 closed sales. This was a huge jump from February 2016 at 43.5% and a jump of 8.6% from March 2015’s market. New contracts are often considered to be a predictor of future market growth. For Phoenix real estate, there were 2,589 new contracts, an uptick of 11.8% from February 2016 and a small loss of 0.5% from March of last year.
Scottsdale Home Sales Picking Up from February
Scottsdale home sales saw similarly strong numbers. There were 769 closed sales, which was up from 42.9% in comparison to February 2016 and 2.7% increase from March 2015. Scottsdale saw 947 new contracts, which was up 13.3% from February of this year. Like Phoenix, compared to March 2015, this was a small decrease of 1.1%. Median home prices were also up significantly in both markets. Phoenix saw an increase of 6.2% from February, which Scottsdale’s median price was up 0.5%. It looks like the spring and summer market will be very active.