Phoenix Arizona Real Estate Market Update - The Median Sales Price is UP this Week
There wasn’t a whole lot of change this past week other than the Median Sales Price going up HOWEVER the luxury segment is continuing to stall. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,952 Homes for Sale
26,973 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 26.53 Days
The Average Days on Market is 28
The List to Sales Price Ratio is 100.6%
The Average Sales Price is $494,352
The Average 1 Year ago was $406,366
1 Year Change is 17.79%
Let’s go a little deeper…
The Median Sales Price continues to chug upward landing at $415,000 this week over last weeks $412,340. The Median Sales Price is UP 23.9% over last year’s $335,000 and UP $10,000 since August. The pricing bands tell a story of a slowing luxury market however the bands under $500,000 keep the overall market in an Extreme Seller’s Market.
Let’s Break the Pricing Bands Down
Overall there is 26.53 Days of Inventory which is an Extreme Seller’s Market
Bands in an Extreme Seller’s Market:
Under $300K there is 17.71 Days of Inventory
$300K-$500K there is 20.77 Days of Inventory
Bands in a Seller’s Market:
$500K-$750K there is 1.18 Months of Inventory
$750K-$1M there is 1.53 Months of Inventory
$1M-$2M there is 1.66 Months of Inventory
Bands Exiting a Seller’s Market and Entering into Normal:
$2M and Up there is 4.16 Months of Inventory
What trends are we seeing?
The percentage of properties staying on the market for 30 days or more went up from last weeks 44% to 44.7% this week. Mortgage Interest Rates are predicted to hover around 3.14% thorough Q4 with the highest prediction from Freddie Mac being 3.4%. Consensus is that Mortgage Rates will slowly creep up throughout 2022 however I wouldn’t suspect that it would pass 4.5% which is still historically VERY low.
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.