Housing inventory across Maricopa County has increased by about 1000 units since our last report. As of August 31, there are 18,491 active listings which have been on the market an average of 83 days. Let’s dive into our Phoenix metro real estate report for August 2024.
The average days on market for active listings has increased markedly since last month’s number of 65. There are 6612 pending sales–down from 7281 at the end of July. There are currently 641 “coming soon” listings. Since August 1, 2024, there have been 5641 closed sales–down slightly from 5988 in July. Here are some stats for recently closed sales:
- Average days on market: 71 (up from 65)
- Average sold price per square foot: $490
- Average sold price: $577,628
- Average list to sale price ratio: .98
This chart shows how the number of properties under contract have changed over the past two years.
With the average 30 year fixed mortgage rate hovering around 6.25%, many would-be buyers are still unable to purchase. Housing inventory will likely remain stable for the next few months and then if rates drop, we may see more purchase activity. Phoenix remains a popular relocation destination and we continue to see a large influx of new residents. Prices are likely to remain somewhat elevated for the foreseeable future.
