Inventory is dropping around the county. Let’s jump into our Phoenix metro market update for December 2022. Last month we noted that there were approximately 19,284 active listings–as of 12/31, there are 16,798 active listings–a 13% drop in just one month. The active listings have been on market an average of 94 days.
There are 5664 pending sales and 511 “coming soon” listings. Since 12/1 there have been 5064 sales–here are some stats for recently closed sales:
- Average days on market: 67
- Average sold price per square foot: $375
- Average list to sale price ratio: .97
- Average sale price: $516,531
This graph shows how the average list price for pending sales has changed over the past two years:
The recent decline in active listings is likely due to more listing cancellations along with fewer listings coming to market over the holidays. Higher mortgage rates combined with a lack of affordable housing options may bring our market to a place where sales remain somewhat flat for several months. Here is a Forbes article with views from several experts–opinions are all over the place with regards to housing predictions for 2023: https://tinyurl.com/2ajjj7sd Thanks for checking out our Phoenix metro market update for December 2022. We look forward to serving your real estate needs in the coming year.