The Phoenix housing market is normalizing. That is the message shared by Phoenix REALTORS, one of the foremost industry experts serving more than 11,000 real estate sales professionals Valley-wide, as the organization released the latest market data from Sept. 2022.
Based on the most recent ARMLS data, which includes Maricopa County and other surrounding communities in Arizona, September saw a slight increase in the number of closed sales from last month by 130 homes, but overall, reflected a 32.2% decrease year over year.
In terms of increases, the median sales price, which landed at $450,000 for September, increased by 8.4% year over year, and there are more homes for sale currently on the market – nearly 1,000 more than August and up 133.6% year over year.
“With the wild ride Arizona has seen over the past year, we’re finally seeing the market normalizing,” said Andrea Crouch, board president of Phoenix REALTORS. “Prices are still strong and increased inventory is giving buyers more options than they have had in recent months.”
While the average number of days homes remain on the market has increased from 29 days in Sept. 2021 to 47 days in Sept. 2022, the market is also seeing greater home inventory, which currently sits at three months, compared to Sept. 2021, when only one month of supply was the reality.
“Both sellers and buyers are getting some much-needed breathing room from the chaos we were seeing earlier this year,” said Crouch. “Sellers are now having the opportunity to thoughtfully assess a more reasonable, and realistic, number of offers, while buyers are being spared from having to make what were often on-the-spot, snap decisions with their REALTORS.”
Despite the market not seeing the bidding wars that seemed to be prevalent at the height of the market, home sellers are still receiving 100.6% of their list price when looking at year-to-date figures, falling 1% from the same period in 2021.
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