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Phoenix Real Estate Market Update

Phoenix Real Estate Market Update

11855 W Grant St AZ -1It may or may not surprise you to know that there are 13,889 single-family homes for sale in the Phoenix real estate market. This actually is a rather low number in the grand scheme of Phoenix real estate history.

Over the past 30 days, more than 6,000 homes – 6,280 to be exact – have sold in the Phoenix real estate market. That, too, is a rather low number for this time of year.

Divide the 13,889 by the 6,280 and you learn that, if nothing else were to come to market, we currently have 2.2 months of inventory on the market here in Phoenix.

Historically, that’s also a low number – a balanced market comes when there is about a four-month inventory. Another lower, and it’s considered to be a seller’s market; in theory, sellers have the upper hand in negotiations because there are so few homes on the market.

Except …

  • Of the 13,889 homes on the market, nearly 70 percent of them have been on the market for more than 30 days. About half – 6,675 – have been on the market for 60 days.
  • There are 5,134 pending listings – homes under contract without contingencies (except financing). More than half of those homes were on the market for more than 30 days and just under a third were on the market for more than 60.
  • Of the 6,280 homes sold in the past 30 days, two-thirds of them were on the market for more than 30 days and more than a third were on the market longer than 60.
  • More than 4,500 of the 6,280 sold for more than 200,000. Of those, just under three-quarters needed more than 30 days to sell and 1,917 needed more than 60.

 

Homes are selling but not necessarily as it may seem and probably not as quickly as your friends are telling you they are. It remains a sellers market, but a somewhat inactive one.

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