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Phoenix Metro Real Estate Update | Feb 2023

February 28th, 2023

Home > Phoenix Real Estate Market > Phoenix Metro Real Estate Update | Feb 2023
Phoenix metro real estate update Feb 2023

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.

Data provided by ARMLS

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.

Filed Under: Arizona Real Estate News, Phoenix Real Estate Market Tagged With: Arizona real estate, Arizona Real Estate News, Arizona Real Estate Stats, Maricopa County Real Estate, Phoenix homes for sale, Phoenix metro market stats, Phoenix Real Estate, Phoenix real estate market, Phoenix real estate market stats, Phoenix real estate news

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The Luxe Real Estate Group is a boutique firm offering residential and commercial clients the highest level of service and expertise in the industry. The agents of Luxe form a dynamic, hard-working and dedicated team who continually strive to exceed client expectations.. If you are thinking of buying or selling an Arizona home and would like to discuss your needs, find a Luxe agent now.

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