Phoenix Arizona Real Estate Market Update - Active Listings are up 2.55% this week
The Average Sales Price ticked downward again and Active listings jumped up this week by 2.55%. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,905 Homes for Sale
27,155 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 26.2 Days
The Average Days on Market is 28
The List to Sales Price Ratio is 100.7%
The Average Sales Price is $494,590
The Average 1 Year ago was $404,364
1 Year Change is 18.24%
Let’s go a little deeper…
The Median Sales Price for September is officially $412,340. That’s UP 25% over last year’s $329,000 and UP $7,340 over Last Months $405,000. Available Inventory continues to keep going up however closed sales are keeping pace to keep us in an Extreme Seller’s Market.
What trends are we seeing?
The percentage of properties staying on the market for 30 days or more stayed pretty much the same this week. Last week 44% of properties stayed on the market longer than 30 days and this week it’s down to 43.9%. The average sales price keeps going down signaling a major cooling off in the luxury segment.
The overall Phoenix Market will continue to ease up and slow to a healthy pace over the next few months. Don’t expect prices to go down though. The pace of upward appreciation is just slowing.
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.