AZ Big Media Metro Phoenix housing stock jumps 136.6%
As the real estate market enters a new phase from the highs seen earlier this year, Phoenix REALTORS reports that sellers continue to reap 100.4% of their year-to-date asking price in 2022, while median sales prices continue to rise 5.9% from a year ago, and home inventory jumped 136.6%, according to newly released data from October 2022.
Although ARMLS data, which includes statistics from Maricopa County and other surrounding Arizona communities, shows pending sales are down 24.6% year-over-year in 2021, the region currently sits at 67,842 pending sales, down from 89,936 sales in October. Last year.
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“The latest data reveals that the Arizona real estate market is entering a new, more stable and predictable phase,” said Andrea Crouch, chairman of the board of directors of Phoenix REALTORS, one of the leading industry experts in the world. serving more than 11,000 real estate sales professionals in one-fifth of the country. -the largest metropolitan area.
New listings are down just 1.1% from October 2021 year-to-date – standing at 99,475 – creating 3.1 months of inventory, a 210% increase in one year to the next. Additionally, homes are staying on the market an average of 23 days longer than in October 2021, when homes were on the market an average of 31 days before being sold, according to the most recent data from ARMLS.
“Economic factors, including interest rate increases and inflation, certainly impact the market, but even so, quality data, contributions from members who have decades of experience and what we know historical trends point to much-needed stability coming back to Arizona,” Croupton said. “It’s also important to keep in mind that these increases are a far cry from the double-digit interest rates and market conditions of the 1980s.”
And while pending home sales may be down 24.6% overall since October 2021, the average home sale price is up 6.1% from the same time last year, from 529,402 $ to $561,781 currently.
“Sellers and buyers are getting a much-needed respite from the chaos we saw earlier this year,” Crouch said. “Sellers now have the ability to thoughtfully evaluate a more reasonable and realistic number of offers, while buyers are spared the hassle of having to make what were often on the spot, quick decisions with their estate agents.”
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