Available housing has stabilized since our last report and as of December 12, 2023, there are 15630 active listings across the county. Let’s jump into our Phoenix metro real estate update for November 2023. The active listings have been on the market for an average of 83 days. There are 6231 pending sales–down by about 500 units from September.
This chart shows how the number of pending sales have changed over the past two years:
There are 546 “coming soon” listings (also down since September) and since October 1, 2023, there have been 11,280 sales. Here are some MLS stats for recently closed sales:
- Average days on market: 57
- Average sold price per square foot: $309
- Average list to sale price ratio: .98
- Average sold price: $574,991
Slightly lower interest rates have helped keep sales moving along. While there is a natural slowdown as we move closer to the holidays and the New Year, sales should pick up again around mid-January. Our market has remained quote resilient and this is largely due to continued migration to Arizona and somewhat limited inventory across the county. Unless rates fluctuate substantially up or down, we expect more of the same as we head into 2024. As always, well presented and properly priced homes have the best chance of selling and buyers are reaping the benefits of price reductions and seller concessions–though this is on a case-by-case basis. Thank you for reviewing our Phoenix Metro market update for November 2023.