The Median Sales Price AND the Average Sales Price is DOWN this week. Is this the beginning of the end for this Extreme Seller’s Market? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,703 Homes for Sale
27,041 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 25.63 Days
The Average Days on Market is 28
The List to Sales Price Ratio is 101%
The Average Sales Price is $496,745
The Average 1 Year ago was $400,442
1 Year Change is 19.38%
Let’s go a little deeper…
The Average Sales Price dropped yet again this week and the Median Sales Price is down to $412,800 from last weeks $415,000. Now a negative Nelly would be screaming the sky is falling and all hell is going to break loose. Thats not what’s going on. We’ve been steadily building to this point week by week. More properties are available for sale however we are still seeing strong pending and sold sale numbers. The Average Sales Price has been steadily dropping since July signaling a cooling off in the upper end of the market so this isn’t surprising at all.
What trends are we seeing?
The percentage of properties staying on the market for 30 days or more continues to go up. Last week 42.6% of properties stayed on the market longer than 30 days and this week it’s up to 44% of properties on the market longer than 30 days. The overall Phoenix Market will continue to ease up and slow to a healthy pace over the next few months. It will be one where we aren’t seeing appreciation skyrocket and providing more inventory for buyers to choose from. Again this isn’t surprising and does not mean the prices are going down. They just won’t be going up as fast as we slowly merge from an Extreme Seller’s Market into a Regular Seller’s 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.