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 June 1 to June 30, 2023 there have been 7449 closed sales–down from 8099 last month. Here are MLS stats for recently closed transactions:
- Average days on market: 64
- Average sold price per square foot: $314
- Average sale price: $581,868
- Average list to sale price ratio: .98
This graph shows how the number of pending or “under contract” listings has changed over the past two years:
Overall, the rate of decline of available inventory is slowing (for resale homes) while the inventory levels for rentals is increasing. With the exception of a few markets that are more balanced, most cities/towns in the Phoenix Metro area are experiencing weak or moderate seller’s markets. We will likely see very modest price increases over the next month or two. If mortgage rates come down in the low 6% range in quarter three (predicted by some), sales activity and prices will certainly increase due to pent up demand. Thank you for reviewing our Phoenix Metro market report for June 2023.
