Phoenix Arizona Real Estate Market Update - Active Listings are Down AGAIN This Week
For the second straight week the number of available listings went down. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,787 Homes for Sale
26,984 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 25.97 Days
The Average Days on Market is 29
The List to Sales Price Ratio is 100.5%
The Average Sales Price is $498,380
The Average 1 Year ago was $410,144
1 Year Change is 17.7%
Let’s go a little deeper…
Active listings are DOWN for a second consecutive week, Pending and Under Contract listings are UP and Closed Sales are UP. And the Inventory Absorption Rate is DOWN. If you’re keeping score that means sales activity and demand are still strong. The Median Price is our ultimate indicator and thats up $2,500 from last week to $417,500 and up 24.6% from last year.
What trends are we seeing?
There is still overpricing going on. The percentage of properties staying on the market for 30 days or more went up slightly to 45.1% this week. However we are still seeing multiple offers come in on properties and selling for over asking price within days of going on the market.
That’s it for this weeks market update. Please be sure to like or follow us. Stay safe out there and if you have any questions about the Phoenix Real Estate Market you know whom to call.
Text or Call Dean at 602-391-9434 with any of your #Arizona real estate questions.