There are a few key indicators to the health and direction of a real estate market--those are interest rates, available inventory and the contract ratio. The contract ratio for the Phoenix metro area is currently 34% which means that 34% of the available homes are under contract. Housing inventory has been going up for quite some time with only a few periods of decline. As of mid-March, there are currently 24,853 available properties for sale--compare this to January's figure of 22,258. The active inventory has been on the market for an average of 85 days. The charts below highlight the
Phoenix Metro Market Update | Jan 2025
Since our last update in early November, housing inventory across the county has risen. This Phoenix metro market update for January 2025 will cover current conditions and sales since November 1, 2024. As of January 25, 2025, there are 22,258 active listings in Maricopa County which have been on the market an average of 91 days. Despite this being the prime selling season, days on market has increased--the primary reason being a rise in already high interest rates. There are 6738 pending sales and 741 "coming soon" listings. Contract activity has been relatively good--there was a sharp
Phoenix Metro Market Update | Oct 2024
Just as we saw in September, the trend currently is that housing inventory is increasing around the valley--including areas like Scottsdale and Paradise Valley. Let's dig into our Phoenix metro market update for sales data in October of 2024. There are currently 21,750 active listings which have been on the market for an average of 80 days. There are just over 500 "coming soon" listings and 6842 homes under contract--pending sales have not dropped much in the past 30 days. From October 1, 2024 to October 31, there were 5847 closed sales--up from 4921 for September. Phoenix as a city is
Phoenix Metro Real Estate Update | April 2023
Housing inventory across Maricopa County continues to drop. Here is our Phoenix metro real estate update covering April 2023 sales data. In March we reported that many cities/towns were heating up in terms of sales activity and that inventory had fallen--this trend is continuing across most of the county. In March there were 13,900 active listings--today there are 12,189--this represents a 12% decline in 30 days. This chart shows how active listings have changed across Maricopa County over the past two years: Pending sales have increased 10% month-over-month to 10,017. There are 587
Phoenix Metro Real Estate Report | March 2023
According to the folks that run the Cromford Report, we may be heading into another sellers market. Let's dive into our Phoenix metro real estate report for March 2023 and see what the numbers say. At the end of February, there were 14,800 active listings--as of March 31, 2023, there are 13,905--this is the lowest level of housing inventory since last October when inventory was sitting at nearly 21,000 units. The active listings have been on market for an average of 86 days--down slightly from last month. There are 8984 pending sales which is down from 9593 last month; however, the total
Phoenix Metro Real Estate Update | Feb 2023
For the first time in many months, total active inventory has fallen below 15,000 units. As of February 28, there are 14,800 active listings across the Phoenix metro area--down from around 15,600 last month. Other areas like Scottsdale have also seen a small dip in inventory. Let's dive in to our Phoenix metro real estate update for February 2023. The active inventory has been on market an average of 91 days and in my opinion, this is a reasonable and balanced number. There are 9593 pending sales which represents quite an increase in sales activity from the previous 30 days. There are
Phoenix Metro Real Estate Report | Jan 2023
Despite reports of gloom and doom, the Phoenix market is still doing okay. Here is our Phoenix metro real estate report for January 2023. As of January 31, there are15,663 active listings which have been on market an average of 93 days--active inventory has dropped since last month but the days on market are relatively unchanged. The average list price per square foot, which includes all housing product types, is $550. As a reminder, the Phoenix metro area includes all cities and towns within Maricopa County--this area represents a population of approximately 4.5M--though some sources quote
Phoenix Metro Market Update | November 2022
From last month, housing inventory has dropped a bit. Let's dive into our Phoenix Metro Market Update for November 2022. As of 11/1/2022, there are 19,284 active listings across Maricopa County. The active listings have been on market an average of 82 days. There are 6693 properties under contract and another 409 "coming soon" listings. This graph shows the change in listings under contract over the past two years: Since November 1, 2022, there have been 4447 sales. Here are some MLS stats for the recent sales: Average days on market: 60Average dollars per square foot obtained at
Phoenix Metro Real Estate Update | October 2022
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: 50Average price per square foot: $334Average list to sale price ratio: .98Average
Phoenix Metro Market Update | August 2022
We've recently had a small bump in pending sales. Let's dive into our Phoenix metro market update for August 2022. Last month active inventory was just under 18,000 units--as of August 30, 2022, there are 18,730 active listings across the county. There are currently 9007 pending sales--this number is up by 1000 from last month. There are 791 "coming soon" properties. Overall, closed sales are down from July numbers with 5421 closed sales since August 1. Here are some MLS stats for the recently closed sales: Average days on market: 39 (up 7 days from July)Average dollars per square
