In January, we were sitting at around 4900 active listings across the county–today, the housing inventory is below 4500 units. Let’s get into our Phoenix real estate report for March 2022.
As of March 30, there are 4496 active listings across Maricopa County. Demand from out-of-state buyers continues and new home construction cannot keep up. Another critical factor contributing to the housing shortage is that would-be sellers continue to sit on the fence–this must be due in part to fears that finding a replacement home will be difficult.
There are 12,640 pending sales and there are 956 “coming soon” properties. Since February 1, 2022, there have been 16,699 sales. The recently sold properties were on market an average of 32 days. Here are some other MLS stats:
- Average list to sale price ratio: 1.01
- Average sold price per square foot: $396
- Average sale price: $567,782
This graph shows how the average price per square foot for active listings has changed over the past two years:
Mortgage rates have continued to rise with the 30 year fixed rate ranging from 4.375% to 4.99% depending up FICO score, down payment, etc. We expect rates to continue to climb in the short term. For now, a strong sellers market persists–though buyers should not lose hope. We are finding homes for folks and getting deals done. Thanks for checking out our Phoenix real estate report for March 2022. If you have a real estate question, please reach out any time.