Housing inventory has been on the rise recently. Check out our Phoenix metro market update for April 2022 to see what’s happening. The main talking points are that inventory and home loan rates are on the rise. Last month at this same time, there were 4496 active listings across the county–now that number is 6685–this is a dramatic shift. The number of pending sales has fallen by about 20 percent over the past month.
There are currently 839 “coming soon” listings which is about 100 less than last month. Since April 1, 2022, there have been 9190 sales. Here are some MLS stats for the recent sales:
- Average days on market: 27
- Average dollars per square foot: $307
- Average list to sale price ratio: 1.02
- Average sale price: $591,639
This graph shows how the list price for closed sales changed over the past two years:
The Phoenix metro area including cities like Scottsdale has seen housing inventory climb in the past month. We are nowhere near a balanced market–the market still is very much in favor of sellers; however, the writing is on the wall. As interest rates continue to climb, prices must begin to come down or at least flatten out a bit. The continual spiraling of home values cannot continue much longer. Time will tell, but we feel that there are subtle signs that the market is starting to soften a bit. Thanks for reviewing our Phoenix metro market update for April 2022.