Housing inventory has increased slightly over the past month. As of May 31, 2024 there are 18080 active listings in Maricopa County. Let’s dive into our Phoenix metro market update for May 2024. The active listings have been on the market an average of 80 days. We are seeing the days on market climb across most cities and towns. We are also seeing more seller concessions and price reductions.
There are currently 8343 pending sales and 600 “coming soon” listings. The contract ratio, which is the number of under contract properties divided by the active listings is around 45%–this would mean we are in balanced market–actually though, most cities and towns across the Phoenix metro area are trending towards a buyers market. This is not true of all property types–for example, some multifamily units are still selling quickly and with multiple offers.
Since May 1, 2024 there have been 6972 sold properties. Here are some MLS stats for recently sold properties:
- Average days on market: 64
- Average sold price per square foot: $341
- Average list to sale price ratio: .98
- Average sold price: $601,541
This graph shows how the average sold price has changed across the Phoenix metro area over the past two years.
With summer upon us, inventory levels may stay somewhat steady for the next few months–unless of course mortgage rates come down. It is unlikely the FED discount rate will be lowered at the next meeting so we could see more of the same in terms of market activity in June and July. Thanks for reviewing our Phoenix metro market update.
