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  • Writer's pictureCarver Home Team

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.


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