Phoenix Arizona Real Estate Market Update - Is the market cooling or is it the holiday?
After 9 consecutive weeks of the number of available properties for sale going up…It went down a little bit this week. It’s still over 6,000 though. What else is going on? Well, let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 6,062 Homes for Sale
29,629 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 18.41 Days
The Average Days on Market is 28
The List to Sales Price Ratio is 101.5%
The Average Sales Price is $502,797
The Average 1 Year ago was $364,442
1 Year Increase is 27.51%
Let’s go a little deeper…
The number of homes available for sale dropped this week by 11 properties which isn’t much and is most likely caused by it being a holiday weekend. This being pretty much the first full blown in the clear holiday since the country is back to normal I’m not surprised. I mean who wants to sell a house when we can celebrate the 4th? By the way Happy 4th of July to all of you!
The big number to dissect is the number of homes sold over the past 90 days. 29,629 homes sold in 90 days is the highest I’ve recorded ever. That means we’ve still got a very robust seller’s market!
What trends are we seeing?
Contrary to the Average Days on Market properties are indeed starting to stay on the market longer. 3 weeks ago 53% of homes were staying on the market for 14 days or more. Last week it was 55.6% and this week its 58.5%.
There were 2069 properties on the market over 30 days last week and now there is 2133. So 35% of the properties have been on the market for 30 days or more up from 34% last week.
Why is this happening?
Well, we are reaching that point where the average sales price isn’t going up exponentially each week. We had been going up $3,000 to $5,000 each week and now it’s $1,000 to $2,000. These properties are simply overpriced. AND I’ve actually seen price reductions in the past two weeks. Are we slowing down? Yes. But don’t think we’re anywhere close to even normal. We’ve got a long way to go to hit that.
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.