Housing inventory around the valley is on the rise and sellers are scrambling to adjust as home values start creeping down. Time to review our Phoenix metro real estate update for July 2022. As of July 30, there are 17,985 active listings--compare this to March or even May of this year. The graph below says it all--highlighting the rise inventory of the past year. There are 7943 properties under contract with another 741 "coming soon" to market. Since July 1, 2022 there have been 6112 sales with average days on market of 32. Here are some other key stats for recently sold properties
Phoenix Metro Market Update | June 2022
Homes, homes and more homes hitting the market. Let's jump into our Phoenix metro market update for June 2022. In March, we saw a record low inventory of slightly more than 4000 properties for sale--last month, inventory was around 9500--as of June 29, 2022 there are 13830 properties for sale across the Phoenix metro area--this represents a 32% increase in one month. There are 1000 properties "coming soon" to market and this is a similar figure from last month. This graph shows how the under contract list price average has changed over the past year--prices were going up for some time,
Phoenix Metro Real Estate Report | May 2022
According to data provided by the Arizona Regional Multiple Listing Service (ARMLS), the median sales price is up 28% year-over-year--the median sales price is now $460,000. Inventory has climbed dramatically over the past 30-45 days and since last month, housing inventory is up over 30%! Let's dig into our Phoenix metro real estate report for May of 2022. As of May 30, there are 9468 active listings with 1022 "coming soon" and 10,600 pending sales. Since May 1, there have been 7841 sales with an average days on market of only 26. Here are some other key MLS stats: Average dollars per
Phoenix Metro Market Update | April 2022
Housing inventory has been on the rise recently. Check out our Phoenix metro market update for April 2022 to see what's happening. The main talking points are that inventory and home loan rates are on the rise. Last month at this same time, there were 4496 active listings across the county--now that number is 6685--this is a dramatic shift. The number of pending sales has fallen by about 20 percent over the past month. There are currently 839 "coming soon" listings which is about 100 less than last month. Since April 1, 2022, there have been 9190 sales. Here are some MLS stats for the
Phoenix Real Estate Report | March 2022
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
Phoenix Metro Real Estate Update | Dec 2021
The Phoenix housing market is white hot. Let's dive into our Phoenix metro real estate update for December 2021. Keep in mind that the stats and info mentioned herein cover all cities/towns in the Phoenix metro area--not just the City of Phoenix. A few months ago, we were sitting at approximately 7800 active listings--today that number has plummeted to 5885. We are in desperate need of more housing. There are 9932 properties under contract and there are 605 "coming soon" properties. Over the past sixty days, there have been 17,445 closed sales. The average days on market for recently
Phoenix Metro Real Estate Report | Oct 2021
For a minute, the market seemed as if it were slowing down; however, there are clear signs that parts of the county are ramping back up. Let's take a look at our Phoenix metro real estate report for October 2021. Last month there were approximately 7200 homes for sale across Maricopa County--as of October 31, there are 7865 actively listed properties--this represents a nine percent increase. There are 12,688 properties under contract--very similar to the amount last month at this same time. There are 620 "coming soon" properties. The average days on market for recently sold properties
Phoenix Metro Real Estate Update | Sept 2021
Phoenix inventory has risen slightly since last month and like other parts of the county, the buying frenzy is starting to mellow out. Let's dive into our Phoenix metro real estate update for September 2021. Sales activity is still strong, but we're not seeing as many over-the-top feeding frenzy type negotiations. Nicely renovated homes that are well located are still commanding top dollar (and in some cases more than the asking price), but it's not the panic buying situation we saw early in the year. For folks looking to sell and rent, the situation is not good--as of today, there are
Phoenix Market Update February 2020
With February drawing to a close, our inventory continues to drop. Don't miss our Phoenix Market Update for February 2020. We are seeing shades of the 2005 market frenzy--when buyers, desperate for a home, were lining up to make offers well over the asking price. In my humble opinion, this is not a great place to be. Inventory across the county is dangerously close to 10,000 units. As of February 29, 2020, there are 11,078 active listings in Maricopa County. Think about our population for a minute--there are over 4.7 million people in the Phoenix metro area and there are just 11,000
January 2020 Phoenix Real Estate Update
With nearly one month behind us, it's time for our January 2020 Phoenix real estate update. Let's do this. As of January 30, 2020, there are 11,848 active listings across the greater metro Phoenix area--this number is approximately 2000 less than in December and it's by far the lowest number we've since 2005. It's getting scary around here. The active listings have been on market an average of 106 days--up just two days since December. There are 10,611 properties under contract and since December 30, 2019, there have been 6265 sales. Here's a market summary for the
