Phoenix Arizona Real Estate Market Update - Pending Sales this Week are DOWN 6.8%
The Number of Active Listings went DOWN 3.16% this week. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 6,686 Homes for Sale
27,088 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 22.21 Days
The Average Days on Market is 31
The List to Sales Price Ratio is 100.1%
The Average Sales Price is $508,323
The Average 1 Year ago was $422,450
1 Year Change is 16.89%
Let’s go a little deeper…
Over the past 5 weeks Active Inventory has gone down by 12.3%. In addition to this Pending Sales went down 6.8% over this week. If you’re a seller at this time of the year you’ve missed your window of opportunity and it would be best to wait until after the holidays to list your home. If you’re a buyer this is a very good time of the year to get something under contract.
What trends are we seeing?
The Median Sales Price dropped a bit this week to $430,000 however we are still UP over November’s Median Price of $425,000. The Median Sales Price is up 28.4% from last year.
Now that the Average Days on Market is 31 we started tracking the percentage of properties over 60 Days. Last week 27.6% of Active properties had been on the market for 60 days or more. This week it’s up to 29.9%.
That’s it for this weeks market update. Look for our 2022 Market Predictions video to drop this week. Please be sure to like and follow us on TikTok @ArizonaHomeTok. 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.