The numbers are in and inventory remains elevated. Let’s jump right into our Phoenix metro real estate update for October 2022. As of October 30, 2022, there are 20,890 active listings across all cities and towns in Maricopa County. In August, there were less than 18,000 active listings and approximately 9000 pending sales.
Today there are 6709 pending sales and 485 “coming soon” listings. Since September 1, 2022, there have been 11,417 sales. Here are MLS stats for recent sales:
- Average days on market: 50
- Average price per square foot: $334
- Average list to sale price ratio: .98
- Average sold price: $537,965
This graph shows how the average days on market for closed sales has changed over the past two years–notice the change from May to Sept of this year:
According to ARMLS data, there is a 3.10 months’ supply of homes across the Phoenix metro area. Home loan rates have been above 6% for over a month and recently rates topped 7%–but have fallen again slightly. Inventory levels largely contribute to the health of a market and interest rates are a primary driver of demand. With interest rates near 7%, we expect demand will wane a bit until 2023 when some analysts predict that we’ll see rates in the mid 5% range by summer. Thank you for reviewing our Phoenix metro real estate update for October 2022.
