Pending sales in Maricopa County are down 10% month-over-month. Let’s take a look at our Phoenix metro market update for May 2023. Last month there were 12,189 active listings and today there are 11,692 which have been on the market an average of 83 days. What we’re seeing is that pricing in this market is absolutely critical. There is demand, but at 7% interest rates, the list price must be spot on. If a home is listed correctly and shows well, there is a good chance it will get scooped up fairly quickly–especially in hotter markets like Chandler and Gilbert.
There are 9055 pending sales and 523 “coming soon” listings. The graph below shows how the list price for pending sales has changed over the past two years.
As of May 31, 2023, there have been 8099 closed sales–this number is up slightly from the 7562 sales in April. Here are some MLS stats for recently closed transactions:
- Average days on market: 68
- Average list to sale price ratio: .98
- Average sold price per square foot: $314
- Average sale price: $567,018
Current interest rates are certainly putting a damper on the market and if the FED raises rates on the 14th, we will see a definite slow down (if the increase translates to higher home loan rates). The summer heat in the Phoenix metro area typically brings fewer buyers to the table, but if the rates end up dropping, the summer could bring higher than normal activity due to pent up demand. There are many cities/towns that are experiencing weak sellers markets–there are a few hot spots and a few areas, like Buckeye and Maricopa that are experiencing pretty strong buyers markets. Thank you for reviewing our Phoenix metro update for May 2023.
