Phoenix Arizona Real Estate Market Update - Are we starting to slow?
For the 9th consecutive week the number of available properties for sale has gone up and it crossed over 6,000. Is this causing demand or prices to drop? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 6,073 Homes for Sale
29,378 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 18.6 Days
The Average Days on Market is 28
The List to Sales Price Ratio is 101.4%
The Average Sales Price is $501,550
The Average 1 Year ago was $364,229
1 Year Increase is 27.3%
Let’s go a little deeper…
So there is a lot going on here. Available inventory keeps going up and we crossed 6,000 for the first time since January 8th of this year. The inventory absorption rate also went up from 17.92 says to 18.6 in 1 week however demand is still VERY high as we sold over 29,000 properties yet again within the past 90 days. That’s 6 weeks in a row. And to top it off the Average Sales Price broke the $500,000 barrier and is up 27.3% over last year.
What trends are we seeing?
We’ve reported over the past two weeks that we are seeing more and more properties stay on the market for 14 days or more. This definitely a trend now as last week we were at 53% and this week we are up to 55.6% of the active properties on market for 14 days or more. Just for giggles we pulled 30 days or more on market and there were 2,069 properties. That’s 34% of the Active properties for sale for over 30 days without an offer and or they could have fallen out of escrow. That’s REALLY good news if you’re a buyer as that means we’ve got some overpriced properties out there. The longer a property is on the market the better chance you have of not having to compete with multiple offers and being able to negotiate the price down. Inversely, if you’re thinking about selling this isn’t the time to push the envelope and over price. As this trend continues you’ll need to price at market and make sure you’ve removed as many obstacles to selling as possible. Make your home look it’s best and it will sell for top dollar and if you don’t it will languish on the market with price reductions.
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.