Available housing inventory across the county has increased by five percent over the past 60 days. Last report there were approximately 16,300 available properties and today that number is 17,225. Let’s dig into our Phoenix metro real estate report for April 2024. As of April 30, there are 9361 pending sales and there are 801 coming soon listings.
Since March 1, 2024, there have been 13170 closed sales. The closed sales were on the market an average of 66 days. Here are some other key MLS stats for recently closed sales:
- Average sold price per square foot: $303
- Average sold price: $594,495–up from $580,689 a few months ago
- Average list to sale price ratio: .98
This graph shows how the average list price of homes under contract has changed across the Phoenix metro area over the past two years:
Market Summary
Inventory has increased in most cities and towns across the county, but only slightly. Prices remain high, but generally speaking, sellers are more willing to reduce the price as the days on market climbs and seller concessions, be it for repairs, closing costs or an interest rate buy-down, are more commonplace. Mortgage rates are hovering above 7% and as prices have not come down much, there still exists an affordability crisis across much of the valley. Sales should slow down as we head into summer. Thank you for reviewing our Phoenix metro real estate report for April 2024.
