The number of available properties for sale went up yet again but Pending sales are also UP. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,259 Homes for Sale
27,746 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 23.54 Days
The Average Days on Market is 27
The List to Sales Price Ratio is 101.5%
The Average Sales Price is $502,554
The Average 1 Year ago was $380,940
1 Year Increase is 24.19%
Let’s go a little deeper…
Available properties for sale went up for the 7th Consecutive week in a row. This is a good thing as that means there are more choices for buyers. And buyers took advantage of that by boosting pending sales by 3.74% this week. The $300,000 to $500,000 pricing band saw the biggest jump in pending sales with that rising by 4.2%.
What trends are we seeing?
Demand is still high and inventory levels are still very low. Yes the Inventory Absorption Rate keeps ticking up each week and more properties are available. This is not a sign that the housing market will crash though, especially in Phoenix. The Census Data is out and Phoenix was the fastest growing Large City from 2010 to 2020 surpassing Philadelphia into the 5th spot. Maricopa County added over 300,000 people and Buckeye is the fastest growing city in the country. That is a continuing trend.
The percentage of properties staying on the market longer than 14 days or more has held steady at just over 60% for 3 straight weeks. 39% of homes have been on the market for 30 days or more.
What does this all mean if you’re a buyer?
You have more choices and can be a little pickier, however prices will continue to go up. Just not as fast.
What about if you want to sell?
There couldn’t be a better time to do so. PERIOD! Now if you have a dog with fleas though you’re probably going to be on the market for awhile.
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.
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