For the first time in many months, total active inventory has fallen below 15,000 units. As of February 28, there are 14,800 active listings across the Phoenix metro area–down from around 15,600 last month. Other areas like Scottsdale have also seen a small dip in inventory. Let’s dive in to our Phoenix metro real estate update for February 2023.
The active inventory has been on market an average of 91 days and in my opinion, this is a reasonable and balanced number. There are 9593 pending sales which represents quite an increase in sales activity from the previous 30 days. There are 644 “coming soon” listings and since Feb 1, there have been 5037 sales–compare this 3926 last month.
This chart shows how the average sale price has changed over the past two years–since January we’ve seen a small uptick.
Here are MLS stats for recent sales:
- Average days on market: 81
- Average sold price per square foot: $332
- Average list to sale price ratio: .97
Despite the recent rise in interest rates, there are some encouraging signs–such as increased sales activity and a rising list to sale price ratio. We expect sales to continue at a decent clip for a few more months due to lower-than-normal inventory levels and positive net migration. Thanks for reviewing our Phoenix metro real estate update for February 2023.