The overall market here continues to favor sellers as supply continues to go down. What else is going on? Let’s get into it and take a closer look at the Phoenix Real Estate Market.
14,639 Homes for Sale
9,224 Homes are Under Contract/Sale Pending
15,700 Homes Sold over the Past 90 Days
There is 83.9 Days of Inventory
The Average Days on Market is 74
The List to Sales Price Ratio is 96.8%
The Average Sales Price is $521,757
The Average 1 Year ago was $551,319
The Monthly Median Sales Price for March is currently $428,000
The Monthly Median Sales Price in March of Last Year was $462,050
The Monthly Median Sales Price is DOWN 7.4% from last year
March Median Monthly Sales Price of $428,000 is UP 3.13% from February
Our Current Annual Median Sales Price is $417,000
2022’s Annual Median Sales Price was $455,000
The Annual Median Sales Price is DOWN 8.35% from Last Year
Let’s go deeper…
The Cromford Market Index still has 12 of our 17 Major Cities in a market that favors Sellers, 2 are in a balanced market and 3 are in a market that still favors Buyers but they are trending upwards towards balanced territory. Closed listings continued to rise this week and Pending and Under Contract sales picked up as well after slowing a bit last week. The number Active Listings dropped for the 11th straight week. Active listings went from 17,322 to 14,639. Which is a drop of 15.48%. This is significant to look at because prior to the pandemic we would usually see an uptick in Active listings starting 1-2 weeks after the new year running into the 7th or 8th week of the year. In 2019 Active listings went from 17,012 to 18,565. An increase of 9.12% but even with high interest rates we’ve managed to go down 15.48% so far this year not up.
One of the factors driving the resale market inventory downward is that new single family home building permits are way down. We were seeing permit numbers in the 3,000’s throughout the second half of 2020, all of 2021 and the first half of 2022. Now we are in the high 900’s or just over a thousand. Less inventory in New Construction is bringing buyers over to the resale side despite the higher interest rates.
Speaking of interest rates…The Average 30yr FRM rose to a high of 7.10% on March 2nd, dropped a bit to 6.97% then rose to 7.05% 2 days ago on March 8th. But as of today March 10th at 12:45pm it had dropped to 6.76%.
I’ve got clients that just locked into a 30 year at 5.25%. The lender was willing to accept the buy down which is permanent and the Seller contributed to do so. This is costing the buyers nothing.
That permanent buy down is going to save our clients $506 per month in interest on their payment. That’s just over $6,000 per year. AND if they go the full 30 years it will save them $182,000 in interest payments.
Pretty cool…
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.
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