Housing inventory is up 13% from last month--today there are 13,969 active listings across Maricopa County. Let's dive into our Phoenix metro real estate update for September 2023. So, what's driving the increase in inventory? My hunch is that the shift in the market is causing sellers to jump on board before values begin to drop. Also, there are a number of short term rental homes that have been listed for sale. Unless interest rates drop a point or more, we may see a slow, but continued build-up of inventory. The active listings have been on the market for an average of 76 days and the
Phoenix Metro Market Update | August 2023
Active housing inventory has increased slightly from last month to a current level of approximately 12,250 listings. It's time to dig into our Phoenix metro market update for August 2023. The active listings have been on the market for an average of 80 days--last month that figure was 79. Pending sales activity has remained steady (only a slight drop)--there are currently 7310 pending sales and there are 526 "coming soon" listings. This graph shows how the number of pending sales has changed across the Phoenix metro area over the past two years: Since August 1, 2023 there have been
Phoenix Metro Market Update | July 2023
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
Phoenix Metro Market Report | June 2023
It looks like we are still experiencing a seller's market in most cities/towns around Maricopa County. Inventory levels have fallen from last month, but not by much. There are currently 11,122 active listings and while this is a fairly low number, high interest rates have tempered demand somewhat--not enough though for a balanced market. Let's jump into our Phoenix Metro market report for June 2023. Active listings have been on market an average of 84 days. There are 8355 pending sales--down from 9055 last month. There are 544 "coming soon" listings--a slight increase from May. From
Phoenix Metro Market Update | May 2023
Pending sales in Maricopa County are down 10% month-over-month. Let's take a look at our Phoenix metro market update for May 2023. Last month there were 12,189 active listings and today there are 11,692 which have been on the market an average of 83 days. What we're seeing is that pricing in this market is absolutely critical. There is demand, but at 7% interest rates, the list price must be spot on. If a home is listed correctly and shows well, there is a good chance it will get scooped up fairly quickly--especially in hotter markets like Chandler and Gilbert. There are 9055 pending
Phoenix Metro Real Estate Update | April 2023
Housing inventory across Maricopa County continues to drop. Here is our Phoenix metro real estate update covering April 2023 sales data. In March we reported that many cities/towns were heating up in terms of sales activity and that inventory had fallen--this trend is continuing across most of the county. In March there were 13,900 active listings--today there are 12,189--this represents a 12% decline in 30 days. This chart shows how active listings have changed across Maricopa County over the past two years: Pending sales have increased 10% month-over-month to 10,017. There are 587
Phoenix Metro Real Estate Report | March 2023
According to the folks that run the Cromford Report, we may be heading into another sellers market. Let's dive into our Phoenix metro real estate report for March 2023 and see what the numbers say. At the end of February, there were 14,800 active listings--as of March 31, 2023, there are 13,905--this is the lowest level of housing inventory since last October when inventory was sitting at nearly 21,000 units. The active listings have been on market for an average of 86 days--down slightly from last month. There are 8984 pending sales which is down from 9593 last month; however, the total
Phoenix Metro Real Estate Update | Feb 2023
For the first time in many months, total active inventory has fallen below 15,000 units. As of February 28, there are 14,800 active listings across the Phoenix metro area--down from around 15,600 last month. Other areas like Scottsdale have also seen a small dip in inventory. Let's dive in to our Phoenix metro real estate update for February 2023. The active inventory has been on market an average of 91 days and in my opinion, this is a reasonable and balanced number. There are 9593 pending sales which represents quite an increase in sales activity from the previous 30 days. There are
Phoenix Metro Real Estate Report | Jan 2023
Despite reports of gloom and doom, the Phoenix market is still doing okay. Here is our Phoenix metro real estate report for January 2023. As of January 31, there are15,663 active listings which have been on market an average of 93 days--active inventory has dropped since last month but the days on market are relatively unchanged. The average list price per square foot, which includes all housing product types, is $550. As a reminder, the Phoenix metro area includes all cities and towns within Maricopa County--this area represents a population of approximately 4.5M--though some sources quote
Phoenix Metro Market Update | Dec 2022
Inventory is dropping around the county. Let's jump into our Phoenix metro market update for December 2022. Last month we noted that there were approximately 19,284 active listings--as of 12/31, there are 16,798 active listings--a 13% drop in just one month. The active listings have been on market an average of 94 days. There are 5664 pending sales and 511 "coming soon" listings. Since 12/1 there have been 5064 sales--here are some stats for recently closed sales: This graph shows how the average list price for pending sales has changed over the past two years: The recent
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