Phoenix Arizona Real Estate Market Update - The Median Sales Price is UP 27.2% from Last Year
For the 7th straight week the number of available listings went down and it broke the 7,000 barrier. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 6,965 Homes for Sale
26,626 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 23.54 Days
The Average Days on Market is 30
The List to Sales Price Ratio is 100.2%
The Average Sales Price is $505,979
The Average 1 Year ago was $418,959
1 Year Change is 17.19%
Let’s go a little deeper…
Last week we had 9.1% less inventory than we did at the same time last year. This week we are at 9%. If this trend holds we should end the year with just over 5,200 Active Listings For Sale.
The Median Sales Price is up $5,000 from last month to $425,000. This time last year the Median Sales Price was $334,000. The Median Sales Price is up 27.3% from last year.
What trends are we seeing?
Fannie Mae came out with their US 2022 forecast. 2021 saw US home prices up a record 19.8% and they are predicting price appreciation to slow in 2022 however it will be UP 7.9%. Based on Fannie Mae’s overall US numbers we should see the Phoenix Metro Area prices go UP 16.3% in 2022. That would mean todays Median Sales Price of $425,000 should be at around $494,000 by the end of next year.
The percentage of properties staying on the market for 30 days or more went up this week from 47.1% to 51.9%. That’s a big jump in 1 week and signals that there are quite a lot of over priced inventory on the market. If you’re looking to buy December is likely a great time to do so.
That’s it for this weeks market update. 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.