We’ve recently had a small bump in pending sales. Let’s dive into our Phoenix metro market update for August 2022. Last month active inventory was just under 18,000 units–as of August 30, 2022, there are 18,730 active listings across the county. There are currently 9007 pending sales–this number is up by 1000 from last month. There are 791 “coming soon” properties.
Overall, closed sales are down from July numbers with 5421 closed sales since August 1. Here are some MLS stats for the recently closed sales:
- Average days on market: 39 (up 7 days from July)
- Average dollars per square foot: $373
- Average to list to sale price ratio: .98
- Average sale price: $575,247
This graph shows how the active Phoenix metro listings have changed over the past two years.
Inventory, while slightly higher, is holding somewhat steady around 18,000 units and demand is still there–though far less than we experienced three to four months ago. Unless home loan rates go higher, we expect sales to continue at a similar pace. If you have a question about Arizona real estate, please contact us.