Last month there were 18491 active listings across Maricopa County–as of Sept 30, 2024, there are 19750 available properties. Inventory has risen in most cities and towns including Scottsdale and Paradise Valley. Let’s dive into our Phoenix metro real estate update for Sept 2024. The active listings have been on the market for an average of 83 days–no change over the past 30 days.
There are 7069 pending sales–up from 6612 last month. There are 784 “coming soon” listings and since Sept 1, 2024, there have been 4921 sales–down from 5641 in August. The graph below shows how the number of “coming soon” listings has changed over the past few years–there has been a definite spike in these pre-listed properties which started a few months ago.
Here are key MLS stats for recently closed sales:
- Average days on market: 70
- Average list to sale price ratio: .98
- Average sale price: $569,919–down from $577,628
- Average sold price per square foot: $454–down from $490
Market Summary
Buyer demand is still decent, but with interest rates still higher than most would like and rising inventory, we may see a slight downturn in sales activity over the next 30 days. The Phoenix market has shown resilience over the past few years and while challenges exist, Phoenix’s real estate market is poised for continued growth, making it a focal point for both buyers and investors in 2024.
