Overall, housing inventory levels have remained steady. There are currently 11,593 active listings across Maricopa County–these have been on the market an average of 80 days. Let’s dig into our Phoenix Metro market update for sales through July 2023. Last month, inventory levels were also low, but sales activity was still strong. There are currently 7813 pending sales–this number is down slightly from last month. There are 470 “coming soon” listings–this number is down as well.
Since July 1, 2023 there have been 5920 sales–down 21% from one month ago. Here are some MLS stats for recently closed sales:
- Average days on market: 58 (down from 64 last month)
- Average sold price per square foot: $312
- Average sale price: $558,383 (down from $581K last month)
- Average list to sale price ratio: .99 (up from .98 last month)
This chart shows how the average days on market for closed sales has come down the past six months:
Though inventory levels remain on the low side, sales activity has slowed down a bit–in part due to high summer temps, but mostly due to 7%+ mortgage rates. The FED raised rates 25 basis points in July and depending upon how employment and inflation numbers look over the next two months, rates might be raised again at the September FED meeting. Even with high mortgage rates, competition for homes in the sub $500K market remains tight. Generally speaking though, sales activity may begin to level off the next month or two. Thank you for reviewing our Phoenix Metro market update for July sales 2023.
