The following statistics from Arizona Regional Multiple Listing Service (ARMLS) are for February 1, 2023 compared to last year February 1, 2022. Statistics include all areas covered in MLS as well as all types of homes.
- Active Listings (excluding under contract-backups UCB and contract contingent on buyer sale CCBS) 15,598 compared to 4,876 last year – up 220% – but down 4.3% from 16,298 last month.
- Active Listings (including UCB and CCBS) 18,299 compared to 8,380 last year – up 118% – and up 1.1% compared with 18,097 last month.
- Pending Listings 5,109 compared to 7,798 last year – down 34% – but up 40% from 3,657 last month.
- Under Contract Listings (including Pending, CCBS & UCB) 7,810 compared to 11,302 last year – down 31% – but up 43% from 5,456 last month.
- Monthly Sales 4,346 compared to 7,098 last year – down 39% – and down 15% from 5,139 last month.
- Monthly Average Sales Price per sq. ft. $267.82 compared to $274.42 last year – down 2.4% – but up 0.7% from $266.01 last month.
- Monthly Median Sales Price $410,000 compared to $433,500 last year – down 5.4% – but unchanged from last month.
We have certainly experienced a whirlwind of a market the past year. From increased inventory to 7% interest rates for a 30-year conventional home loan. At one-point sellers were receiving multiple offers at some staggering numbers over asking price to now sellers being expected to provide concessions to buyers in certain markets for buyer buy-downs. Now more than ever you need an experienced Realtor who can guide you through this market.
If you are looking to sell your home or in the market to purchase a home leave a comment below and we will be glad to answer any questions you may have.