Since our last report a few months ago, housing inventory has remained fairly steady. Active listings as of July 31, 2024 total 17563 and those listings have been on the market an average of 85 days. Pending sales activity has dropped slightly–there are currently 7281 pending sales across the Phoenix metro area compared to 8343 at the end of May.
There are 550 “coming soon” properties compared to 600 a few months–inventory may drop a little farther, but not by much. Since June 1, 2024, there have been 11977 sales (5988 per month) which means total sales have dropped by 15%. Here are some MLS stats for recent sales:
- Average days on market: 65
- Average sold price per square foot: $298 (down from $341)*
- Average list to sale price ratio: .98
- Average sale price: $582,241 (down from around $601K)
The graph below shows how the “coming soon” inventory has changed across the Phoenix metro area the past few years.
Market summary
Demand is beginning to soften and in most areas we are seeing a buyer’s market or flat conditions. Inventory levels may remain steady the next few months and if rates don’t fall, we should see similar market stats until the third quarter. People in the know seem to think that rates may drop more by the end of the year and perhaps even more the first quarter or so of 2025.
As you may have heard about in the news, the NAR lawsuit settlement has shaken up our industry and there are some important changes that you should be aware of whether you plan to buy or sell in the near future–to this end, we have created FAQ pages for buyers and sellers and as soon as the finishing touches are ready, we will send out a newsletter with links to those pages. Of course if you ever have a real estate question, we are here for you. Thanks again for checking out our Phoenix real estate update for July 2024.
