As we roll into 2022, inventory across the country is down–same holds true for the Phoenix metro area and cities like Scottsdale.
Last month there were approximately 5800 active listings across the county–today we sit at around 4900. Buyer demand is through the roof and the sales activity is nuts right now. Let’s get right in to our Phoenix market update for January 2022.
As of January 31, there are 11,592 pending sales and since January 1, there have been 6621 sales that were on market an average of 36 days. Here are some other key MLS stats for recently closed sales:
- Average dollars per square foot obtained at sale: $342
- Average sale price: $540,677
- Average list to sale price ratio: 1.00
As inventory continues to drop, there is now less than one months’ supply of homes.
This graph shows how the average sold price across the Phoenix metro area has changed since January of 2020:
Although the housing market is on fire, there are market forces that could change things in the second quarter. Normally we’d see more listings this time of the year, but it looks like sellers might wait until Spring. More inventory could help release pressure. In addition, the recent stock market and crypto market tumbles could put more buyers on the sideline which could in turn lead to longer marketing times and potential price decreases. Lastly, interest rates are on the rise–this will lessen buying power and will put some folks out of the market.
Overall though, our real estate market remains one of the hottest in the country and we expect the next few months to bring more of the same. Thanks for reviewing our Phoenix market update for January 2022.