Phoenix Realtors report growing inventory, price-point uptick
Staff Reports | Dwellings & Multifamily
Phoenix Realtors are reporting a bid of good news in the dwellings and multifamily sector of the Valley of the Sun: New listings climbed 15.8% for the first half of 2024 compared to last year, numbers show.
The month-over-month median sales price was up just 1.5% meanwhile days on the greater Phoenix metropolitan market dropped over 11% for the year’s first half, Phoenix housing market experts there say.
“It’s still a challenging marketplace, and the number of homes on the market is growing,” said Sheryl Bowden, board president of Phoenix Realtors, in a prepared statement. “With interest rates down nearly a point from last winter, houses are selling faster.”
For the first half of 2024, the days on the market dropped from 72 last year to 64 this year, down significantly from the same period in 2023. Even with more homes on the market, homes are moving more quickly than a year ago, Phoenix Realtors say.
The median sales price climbed just 5.7% compared to the first six months of 2023, now at $479,900 compared to $454,000 a year ago. The percentage of asking price buyers receive remains steady at over 98%, a level that has been constant for more than a year.
“It’s encouraging to see more people putting homes on the market,” Ms. Bowden said. “With the over 6,100 new listings in June, we have a strong 3.6-month inventory of more than 16,400 homes right now.”
Sales activity for the year’s first half was down compared to 2023, numbers show. In addition, pending sales dropped 9.9%, and closed deals fell 4.8% across the metropolitan area.
Four North Valley cities are starting to see tangible real estate changes due to the Taiwan Semiconductor Manufacturing Company fabrication facility ramping up hiring in Deer Valley.
“Many new employees are coming from outside Greater Phoenix,” Ms. Bowden said. “Housing demand will increase with their arrivals. Phoenix, Scottsdale, Peoria and Surprise will be most impacted, as the data shows that the market is changing in those areas.”
