While 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 asking price year-to-date in 2022, while median sales prices continue to be up 5.9% from last year, and housing inventory jumped 136.6%, according to newly released October 2022 data.
Though ARMLS data, which includes statistics from Maricopa County and other surrounding communities in Arizona, shows that pending sales are down 24.6% from year-to-date in 2021, the region is currently sitting at 67,842 pending sales, compared to 89,936 sales in October last year.
“The latest data reveals the Arizona real estate market is entering a new phase that’s steadier and more predictable,” said Andrea Crouch, board president of Phoenix REALTORS, one of the foremost industry experts serving more than 11,000 real estate sales professionals in the nation’s fifth-largest metro area.
New listings are only down 1.1% compared to year-to-date October 2021 – sitting at 99,475 – creating 3.1 months of inventory, or a 210% increase year-over-year. In addition, homes are staying on the market an average of 23 more days than in October 2021, when homes were on the market an average of 31 days before being sold, according to the most recent ARMLS data.
“Economic factors, including interest rate increases and inflation, are certainly impacting the market, but even so, quality data, input from members who have decades of experience and what we know from historic trends point to much-needed stability coming back to Arizona,” said Crouch. “It’s also important to keep in mind that these increases are far from the double-digit interest rates and market conditions from the 1980s.”
And while pending home sales overall may be down by 24.6% since October 2021, the average sales price of homes is up 6.1% over the same period last year, going from $529,402 to $561,781 currently.
“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.”
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