Phoenix is not following national trends when it comes the prices at which homes are sold. According to Zillow, more than 16 percent of homes sold in the Phoenix area were sold for more than the asking price in 2018. In 2017, this figure sat at 14.9 percent compared to 16.6 percent in 2018.
Nationally, fewer and fewer homes are sold for more than the asking price. The decline in this figure was sharp in the last half of 2018, with the houses sold for more than asking price dropping from 24 percent in May to 19.4 percent in December as mortgage rates began to get lower.
Phoenix is still falling in at a lower percentage of houses sold for list price than the national average, but it is trending upward much more than the decline that is being seen nationally.
The Phoenix area is nowhere close to the area with the most homes sold for a price higher than what the sellers were asking. In this field, San Jose, Calif., leads the pack. More than 64 percent of the homes sold in 2018 were sold for above list price. Buyers in that city paid more than 100,000 dollars above the house’s list price. Typically, a Phoenix buyer spending more than the asking price paid around 4,000 dollars more.
For most of the United States, the trends indicate that buyers are still looking for a new place to live, but it is getting less competitive. However, if recent trends continues, this may not be the case for Phoenix.