Available housing inventory has increased almost 1000 units since last month. As of Feb 29, 2024, there are 16,343 active listings and another 730 “coming soon”. Let’s jump into our Phoenix metro real estate update for February 2024. Active listings have been on the market for an average of 83 days–the average asking price per square foot is a whopping $596!
There are currently 8706 pending sales–compare this to 7692 sales last month. Since Feb 1, 2024, there have been 5083 sales–a massive increase from the 3632 last month. Here are some MLS stats for the recently closed sales:
- Average days on market: 68 (basically unchanged)
- Average sold price per square foot: $343 (up quite a bit from January)
- Average sale price: $580,689
- Average list to sale price ratio: .98
This graph shows how the average list price has changed across the Phoenix metro area over the past two years–some pretty wild swings can be seen.
Market Summary
With interest rates hovering around 7%, buyer activity, while still decent, is not on par with where we were this time last year. We are in the prime home selling season so we should see similar sales activity the next few months. If rates were to drop half to one point in the near future, I think we’d see a huge increase in buyer activity–with inventory falling quickly and prices moving up. Thank you for checking out our Phoenix metro real estate update for Feb 2024.
