The Monthly Median Sales Price rose $3,800 in a week and the number of closed listings rose by 4.18%. What else is going on? Let’s get into it and take a closer look at the Greater phoenix Real Estate Market.
17,415 Homes for Sale
9,250 Homes are Under Contract/Sale Pending
18,410 Homes Sold over the Past 90 Days
There is 85.13 Days of Inventory
The Average Days on Market is 65
The List to Sales Price Ratio is 97.8%
The Average Sales Price is $583,275
The Average Last Week was $579,537
The Average 1 Year ago it was $538,498
The Monthly Median Sales Price is $453,882
The Monthly Median Sales Price Last Year was $429,000
The Monthly Median Sales Price is UP 5.65% from last year
The Monthly Median Sales Price of $453,882
is UP 1.31% from Last Months $447,990
Our Current Annual Median Sales Price is $445,000
2023’s Annual Median Sales Price was $430,900
The Annual Median Sales Price is UP 3.27% from Last Year
Let’s go deeper…
The average 30yr FRM rose to 7.5% this week but ended at 7.44%. The number of Pending and Under Contract Sales were up however they are slowing.
The higher interest rates are definitely slowing the pace of sales. We won’t know how much they’ll cool down for a few weeks but for now they are still going up week over week.
The number of closed sales in a 90 day period jumped up over 18,000 for the first time since September of last year. AND The Monthly Median Sales Price keeps climbing. That hit $453,882. The Monthly Median Sales Price is up 4.34% since January.
The CMI is a mixed bag. Let’s take a quick look at that…
We have 10 out of the 17 Major Cities in Markets that favor Sellers. 2 cities are Balanced and 5 are in a Market that favors Buyers.
Tempe, Goodyear and Paradise Valley were the top movers in the direction favoring Sellers. Fountain Hills, Cave Creek and Queen Creek moved the most towards favoring Buyers. However Fountain Hills is still in a market that favors Sellers it’s just slowing considerably.
The Bottomline…
New Builds will continue to be an attractive option for Buyers however it’s a crapshoot when it comes to build quality. It’s not the easy alternative most think it is. AND New Builds generally aren’t available in the inner core cities. If they are they are very pricey.
The higher interest rates will continue to keep sellers on the sidelines constraining the resale inventory. Those same high rates will pull buyers out of the market slowing demand.
However, for now that demand is outstripping the supply causing the Median Sales Price to keep rising. It’s rising slowly but it’s not trending down. If rates stay in the mid 7’s prices will flatline again BUT I don’t see them dropping anytime soon.
That’s it for this weeks market update. If you have any questions regarding the Phoenix Real Estate Market give us a call or shoot us a text. If you know anyone interested in buying or selling real estate remember we’re never too busy for your referrals or to assist you.