February kicks off the busy season in Metro Phoenix real estate, with both buyers and sellers entering the market at a brisk pace from now through June. One of the biggest jumps last month was in the number of new listings, up 64.6% in January, from 6,263 to 10,308. February will be an even more popular month for sellers to list, and more homes have historically been listed in March than any other month. That’s good news for buyers who have been frustrated with a lack of options, but the same buyers will also experience intense competition in most price ranges. Overall inventory (Active and Under Contract-Accepting Backups) is just over 20,000 listings, down a significant 8.2% from a year ago and continuing to favor most sellers. Most homes that sell are still going under contract in less than two months, and the average sold price has been steadily climbing, up all the way to $316,234. All signals are go, with both interest rates likely to rise and impact monthly payments and affordability moving forward.
Raw Data Source: Arizona Regional Multiple Listing Service