Phoenix Arizona Real Estate Market Update - The List to Sales Price Ratio is DOWN
The List to Sales Price Ratio dropped to 99.7% and the Median Price also dropped a smidge. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 5534 Homes for Sale
25,079 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 19.44 Days
The Average Days on Market is 34
The List to Sales Price Ratio is 99.7%
The Average Sales Price is $527,878
The Average 1 Year ago was $437,148
1 Year Change is 17.18%
The Median Sales Price is $439,750
The Median Sales Price is UP 29.3% from last year.
Let’s go a little deeper…
The List to Sales Price Ratio went down this week from 99.9% to 99.7%. And if you look at just the sales for January it’s 98.7%. This is a lagging indicator however it will be quite interesting to see what happens over the next 30 or so days because inventory dropped yet again this week. The Median Sales Price went down slightly this week to $439,750 but it is still UP 29.3% from from last year. The percentage of active properties on the market over 60 Days dropped to 30.8% due to our decreasing inventory.
What does this mean?
Well as we’ve been saying for quite some time now, expect prices to continue to go up however they will not be climbing as quickly because in many areas of the valley we are bumping up against the affordability ceiling. Rents also continue to rise with the median monthly rent at $2,085.
That’s it for this weeks market update. Please be sure to like and follow us on TikTok @ArizonaHomeTok. If you know anyone interested in buying or selling real estate remember I’m never too busy for your referrals.
Text or Call Dean at 602-391-9434 with any of your #Arizona real estate questions.