The number of available properties for sale broke the 7,000 barrier. That’s the most since December of 2020…What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
There are 7,017 Homes for Sale
28,125 Homes Sold over the Past 90 Days
The Inventory Absorption Rate is 22.45 Days
The Average Days on Market is 27
The List to Sales Price Ratio is 101.6%
The Average Sales Price is $504,450
The Average 1 Year ago was $373,520
1 Year Increase is 25.95%
Let’s go a little deeper…
So we broke the 7,000 barrier for the first time since December of 2020. 7,000 properties for sale may seem high but it isn’t. At the start of the pandemic we had 14,000 for sale and 1.79 months of inventory, today we have just over 22 days. If you’re wondering thats still a an extreme seller’s market. 28,125 homes sold over the past 90 days is lower but still an average of 9,375 per month so we still have high demand. It’s also the end of the month so we should have quite a few of those pending listings get pushed to sold over the next 24-48 hours.
What trends are we seeing?
In April of 2020 the under $300K pricing band was the most dominant with 5,300 properties for sale and $500-$750K the third best with 2,210. Today the under $300K band has just 1,187 properties for sale and the $500-750K band has 1,583. It now is the pricing band with the 2nd most available listings. Affordability has been squeezed out of the local market so we will not see home prices drop, they just won’t be going up as fast. It’s still WAY more affordable than other areas of the country thats why we still have larger businesses moving here and aggressive development.
We’ve been keeping an eye on the percentage of properties staying on the market longer than 14 days. 6 weeks ago 53% of homes were staying on the market for 14 days or more, last week it was 60% and this week it’s 60.5%. Homes on the market for 30 days or more 5 weeks ago was 34%, last week 37.4% and this week it’s 38.4%.
What does this all mean?
Well, we are still in an Extreme Seller’s Market however more inventory is coming available for buyers.
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.