Housing inventory across Maricopa County continues to drop. Here is our Phoenix metro real estate update covering April 2023 sales data. In March we reported that many cities/towns were heating up in terms of sales activity and that inventory had fallen–this trend is continuing across most of the county. In March there were 13,900 active listings–today there are 12,189–this represents a 12% decline in 30 days.
This chart shows how active listings have changed across Maricopa County over the past two years:
Pending sales have increased 10% month-over-month to 10,017. There are 587 “coming soon” properties. Since April 1, there have been 7562 sales–nearly the same number as in March. Here are some MLS stats for recently closed sales:
Average days on market: 73
Average list to sale price ratio: .98
Average sold price per square foot: $371
With the most recent FED rate hike, it will be interesting to see if this translates to higher home loan rates. Gas prices have gone up and inflation still feels very high; and, if mortgage rates rise again, we expect to see a decline in sales activity. Sales activity through the end of May should remain strong and then we’ll likely see some moderation in contract activity through the summer. Thank you for checking out our Phoenix metro real estate update.