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Phoenix area Real Estate Market Report: Key Insights for July 2023

In the dynamic real estate market of Phoenix, Arizona, the week of July 5, 2023, has revealed some interesting trends. Let’s take a closer look at the numbers and gain valuable insights into the current state of the local housing market.

  1. Active Listings: There are currently 14,262 active listings in the Phoenix area. This figure shows a decrease compared to the previous month (15,244), last quarter (16,997), and even the previous year (17,663). While we are not at the record lows experienced two years ago (10,131), the number of active listings is lower than historical averages. This scarcity of available homes indicates a competitive market for potential buyers.
  2. Pending Listings: The number of pending listings stands at 5,197, which is lower than the figures from the previous month (5,616), last quarter (5,988), and the previous year (5,770). Surprisingly, this number is also lower than the figures recorded two years ago (7,229). This trend suggests that while the supply of homes on the market is limited, buyer demand has decreased compared to the levels observed two years ago.
  3. Time on Market: Houses that are getting sold are spending less time on the market. Currently, the average number of days a house stays on the market is 64 days, which is a decrease from 68 days the previous month and 76 days last quarter. However, active listings have remained relatively stable, with the current average at 87 days, compared to 86 days last month and 90 days last quarter. This shorter time on the market for sold properties indicates a quicker sales cycle, potentially driven by high demand.
  4. Average Sale to List Price: Houses in Phoenix are selling closer to their asking prices. The average sale-to-list price ratio currently stands at 98.07%, an increase from 97.69% the previous month and 97.37% last quarter. This suggests that sellers are able to secure offers that are closer to their initial asking prices, indicating a strong market and potentially multiple offers for desirable properties.

In conclusion, the real estate market in Phoenix, Arizona, during the week of July 5, 2023, demonstrates a combination of low supply and slightly decreased buyer demand compared to two years ago. With houses selling more quickly and closer to their asking prices, it’s evident that Phoenix continues to be an attractive destination for both homebuyers and sellers alike. Stay tuned for further updates on Phoenix’s real estate landscape as the market evolves.

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