Phoenix REALTORS®, one of the foremost industry experts serving more than 11,000 real estate sales professionals Valley-wide, released the latest market data giving perspective to current real estate trends.
The report, which is based on ARMLS data that includes primarily the Phoenix-metro area and some surrounding communities in Arizona, revealed a 10.5% increase in median sales price across all residential properties to $453,000 from $410,000 in Aug. 2021. Similarly, the change in homes for sale across all residential properties increased by 135.6% in the same period with more than 20,645 homes currently on the market in August 2022, compared to 8,761 a year earlier.
“From soaring prices and limited inventory of a few months ago, August data is still showing a strong, albeit right-sizing, market,” said Andrea Crouch, board president of Phoenix REALTORS. “While prices may be leveling off, home sellers will still be capitalizing on sales, as they are only down 3.3% from August last year.”
With more than 1,400 fewer listings in August than July, there is still significant inventory in the home market pipeline, with more than 2.7 months of inventory. Closed and pending sales both decreased – closed sales saw a dip of 31.1% from August 2021, while pending sales have been cut in half and sit at 50.4%. Year to date, the gap is narrower with closed sales dipping only 14.4% from the same period last year and pending sales slipping by 20.2%.
“We’re seeing that, on average, homes are also staying on the market 7 days longer in August than in July, which is allowing homebuyers a little breathing room to find the right home for their needs, while also alleviating pressures on sellers who would be forced to review dozens of offers in a relative short amount of time,” said Crouch.
As for listing price, sellers are still seeing strong figures. In August, sellers received 98.1% of their list price, which is only a 3.3% decline from the same period last year when sales prices were 1.5% over full list price.
Serving the fifth-largest metro area in the nation, Phoenix REALTORS is the Valley’s preeminent real estate membership organization that is laser-focused on providing its 11,000+ members with the industry’s most innovative resources, cutting-edge professional tools and robust support to help them effectively serve the changing real estate needs of Arizonans. With its finger on the pulse of issues and topics of importance to members across the Valley, Phoenix REALTORS is the most reputable source for real estate news today with a host of resources, including a clearinghouse of up-to-date research, statistics and data to offering insights on marketplace trends.