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 6240 sales–a slight increase from last month. Here are some key MLS stats for recent sales:
- Average days on market: 57 (unchanged from last month)
- Average sold price per square foot: $316 (essentially unchanged)
- Average list to sale price ratio: .99-unchanged
- Average sale price: $554,377–down slightly
With mortgage rates hovering between 7.0-7.65%, buyers are still having a hard time qualifying for homes that remain at very high prices. The low inventory and high relocation rate to AZ mean that sales will likely continue at a similar pace in the short-term. Thank you for reviewing our Phoenix metro market update for August 2023.