Housing inventory around the valley is on the rise and sellers are scrambling to adjust as home values start creeping down. Time to review our Phoenix metro real estate update for July 2022. As of July 30, there are 17,985 active listings–compare this to March or even May of this year. The graph below says it all–highlighting the rise inventory of the past year.
There are 7943 properties under contract with another 741 “coming soon” to market. Since July 1, 2022 there have been 6112 sales with average days on market of 32. Here are some other key stats for recently sold properties across the county:
- Average dollars per square foot: $307
- Average list to sale price ratio: .99
- Average sale price: $547,221
The above graph only reflects data we have through the end of June–there is likely a three month supply of homes across the county. Mortgage rates have not come down enough to get would-be buyers off the fence–according to Mortgage News Daily, the average rate for a 30 year fixed mortgage is around 5.13%–while still reasonably low when taking into account historical figures going back 20-30 years, this rate is higher than we’ve experienced for quite some time.
We expect to see inventory rise a bit more over the next 30-60 days, but if rates come down below 5%, we may see increased buyer activity–especially as sellers lower home prices. Thank you for checking out our Phoenix metro real estate update for July 2022. If you have a question or need, reach out anytime.