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Positive economic trends emerge in first quarter 2024 Phoenix real estate data

photo of Phoenix Real Estate
The median sales price of Phoenix real estate continues to rise after a brief dip in summer 2023. While not as high as the record-setting number in mid-2022 — when it topped $500,000 — the $470,000 February 2024 median is the highest recorded since last June. (Graphic Illustration: Terrance Thornton/DigitalFreePress)
Phoenix real estate: Homes selling faster as days on market plummet
Staff Reports | Dwellings & Multifamily

The single-family home inventory of the Phoenix metropolitan area grew nearly 8% in February compared to 2023 data points — and the number of families closing on new homes increased 1.5 percent.

“As interest rates are dropping and buyer interest is rising, we’re starting to see more existing homeowners put their property up for sale,” said Sheryl Bowden, president of Phoenix Realtors. “January showed promise, and February data continues that mode.”

The number of days homes stayed on the market decreased compared to February 2023, landing at 67 this year compared to 81 days last year, according to data provided by Phoenix Realtors.

The percentage of list price received remained steady at just under the asking price. In contrast, the median price of a home sold continued its steady rise, also gaining 8% in 2024 compared to last February, data shows.

“Overall, it’s too soon to call it a trend, but key numbers are holding steady, which could indicate the market is going to change,” Ms. Bowden said. “We started 2024 with anticipation that more home sales will close as interest rates continue to drop. So far, that thought is reflected in the data.”

The median sales price continues to rise after a brief dip in summer 2023. While not as high as the record-setting number in mid-2022 — when it topped $500,000 — the $470,000 February 2024 median is the highest recorded since last June.

The percentage of list price received was highest during the bidding wars between mid-year 2021 and mid-year 2022 when homes were routinely selling over the asking price. After a severe drop to start 2023, the last six months have seen the sales price percentage holding close to the asking price. In February, it stood at 98.2%.

Rising significantly since 2022, the inventory of homes for sale in the Greater Phoenix area topped 15,000 last month, up from about 5,500 two years ago and nearly 13,500 last year. That jump in stock, combined with a decrease in pending sales, pushed the inventory to 3.3 months from 2.4 months last year and 2.9 months in January.

“The numbers are encouraging,” Ms. Bowden said. “We’re seeing what could be the start of a good year for buyers and sellers.”

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