Active listings have risen 21% year over year for April, 2022. Homes are still selling quickly as Phoenix is a relocation, tourist and retirement destination. With rising interest rates, some are being priced out of the homes they are interested in buying.
Homes are still selling in record time! This chart reflects that homes are taking 25 days to sell. That's the same number of days it took to sell a house in Phoenix in June, 2021. Record quick sales!
Prices have not slowed down as the housing market continues to favor sellers. This is a record high median sales price for the Phoenix Metro Area.
An early indicator of the existing listing inventory is when prices start to drop on existing listings. There are a number of reasons that list prices are reduced. The home may have been priced too high to begin with as home sellers still feel the market can bear a higher price. Demand may be slowing. More inventory means more choices for buyers. The peak in 2021 for price reductions occurred September, 2021. For 2020, the peak price reduction date is March,. For 2019, March had the most price reductions.
If you are someone you know is looking to relocate, buy an investment property or a second, vacation home, make sure to use a seasoned professional who understands the housing market.