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 Real Estate Update | July 2024
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
Phoenix Metro Market Update | May 2024
Housing inventory has increased slightly over the past month. As of May 31, 2024 there are 18080 active listings in Maricopa County. Let's dive into our Phoenix metro market update for May 2024. The active listings have been on the market an average of 80 days. We are seeing the days on market climb across most cities and towns. We are also seeing more seller concessions and price reductions. There are currently 8343 pending sales and 600 "coming soon" listings. The contract ratio, which is the number of under contract properties divided by the active listings is around 45%--this
Phoenix Metro Real Estate Update | Feb 2024
Available housing inventory has increased almost 1000 units since last month. As of Feb 29, 2024, there are 16,343 active listings and another 730 "coming soon". Let's jump into our Phoenix metro real estate update for February 2024. Active listings have been on the market for an average of 83 days--the average asking price per square foot is a whopping $596! There are currently 8706 pending sales--compare this to 7692 sales last month. Since Feb 1, 2024, there have been 5083 sales--a massive increase from the 3632 last month. Here are some MLS stats for the recently closed
Phoenix Metro Market Update | Jan 2024
Housing inventory has remained somewhat stable over the past few months. As of January 30, there are 15,600 active listings across the county--almost identical to what we saw in December of 2023. Now let's dive into our Phoenix metro market update for January 2024. Active listings have been on the market for an average of 86 days. There are currently 7692 pending sales--compare this to 6231 pending sales in December. This graph shows how the average sold price has changed over the past two years: Since January 1, 2024 there have been 3632 sales with an average sold price of
Phoenix Metro Real Estate Update | Sept 2023
Housing inventory is up 13% from last month--today there are 13,969 active listings across Maricopa County. Let's dive into our Phoenix metro real estate update for September 2023. So, what's driving the increase in inventory? My hunch is that the shift in the market is causing sellers to jump on board before values begin to drop. Also, there are a number of short term rental homes that have been listed for sale. Unless interest rates drop a point or more, we may see a slow, but continued build-up of inventory. The active listings have been on the market for an average of 76 days and the
Phoenix Metro Market Update | August 2023
Active housing inventory has increased slightly from last month to a current level of approximately 12,250 listings. It's time to dig into our Phoenix metro market update for August 2023. The active listings have been on the market for an average of 80 days--last month that figure was 79. Pending sales activity has remained steady (only a slight drop)--there are currently 7310 pending sales and there are 526 "coming soon" listings. This graph shows how the number of pending sales has changed across the Phoenix metro area over the past two years: Since August 1, 2023 there have been
Phoenix Metro Market Update | July 2023
Overall, housing inventory levels have remained steady. There are currently 11,593 active listings across Maricopa County--these have been on the market an average of 80 days. Let's dig into our Phoenix Metro market update for sales through July 2023. Last month, inventory levels were also low, but sales activity was still strong. There are currently 7813 pending sales--this number is down slightly from last month. There are 470 "coming soon" listings--this number is down as well. Since July 1, 2023 there have been 5920 sales--down 21% from one month ago. Here are some MLS stats for
Phoenix Metro Market Report | June 2023
It looks like we are still experiencing a seller's market in most cities/towns around Maricopa County. Inventory levels have fallen from last month, but not by much. There are currently 11,122 active listings and while this is a fairly low number, high interest rates have tempered demand somewhat--not enough though for a balanced market. Let's jump into our Phoenix Metro market report for June 2023. Active listings have been on market an average of 84 days. There are 8355 pending sales--down from 9055 last month. There are 544 "coming soon" listings--a slight increase from May. From
Phoenix Metro Market Update | May 2023
Pending sales in Maricopa County are down 10% month-over-month. Let's take a look at our Phoenix metro market update for May 2023. Last month there were 12,189 active listings and today there are 11,692 which have been on the market an average of 83 days. What we're seeing is that pricing in this market is absolutely critical. There is demand, but at 7% interest rates, the list price must be spot on. If a home is listed correctly and shows well, there is a good chance it will get scooped up fairly quickly--especially in hotter markets like Chandler and Gilbert. There are 9055 pending
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