Housing inventory has remained somewhat stable over the past few months. As of January 30, there are 15,600 active listings across the county–almost identical to what we saw in December of 2023. Now let’s dive into our Phoenix metro market update for January 2024. Active listings have been on the market for an average of 86 days. There are currently 7692 pending sales–compare this to 6231 pending sales in December.
This graph shows how the average sold price has changed over the past two years:
Since January 1, 2024 there have been 3632 sales with an average sold price of $571,364. Here are some other key MLS stats for recently closed sales:
- Average days on market: 67 (up 10 days)
- Average sold price per square foot: $276–down substantially from $309 in December
- Average list to sale price ratio: .98 (unchanged over the past month or so)
Home loan rates have gone up recently, but have dropped overall from a high of around 8%. The problem is that at the current rates, we have a severe home affordability crisis across the county. Home prices inched down slightly and at today’s mortgage rates, the cost of homeownership is simply too steep for many would-be buyers. Over the next few months, we believe that home values will remain somewhat stable–dropping only a little. We expect sales activity to pick up slightly over the new month or two, but we will likely see less sales during this normally busy season than we saw last year. Thank you for reviewing our Phoenix metro market update for January 2024.