Phoenix HOME PRICES TANK | October 2024 Arizona Housing Market Update!

Welcome to the channel. I hope you're doing phenomenal. Is the real estate market here in the Valley of the Sun shifting, changing? Perhaps, perhaps not. We're going to dive right into it. Please click subscribe, like, and leave us a comment. That truly helps this channel grow. Jennifer, take it away. Let's start with new listings in September. Thanks, Jen, for kicking it off. New listings were up a bit from last month, but up about a thousand from last year. And you'll see how that increase is going to affect the numbers further on into this video. It's a mindset. Buyers now know there's more selections, so they can take their time, or a bit more time. And sellers know that they have to have their properties priced correctly and in tip-top shape, or as close to it as possible, if they want to be the one that buyers select to call their house a home. Next, we have active listings. 19,781 in September. And last month in August, we had 18,441. And last year in September, there were 13,404. Active listings. Wow. Good to look at those numbers, if they could talk, right? Well, numbers might not be able to talk, but I certainly can. We're up over a thousand active listings from last month, but the big news is we're up over 6,000 active listings from last year. And as I mentioned previously, when inventory starts to build, buyers know they can slow down finding the home of their dreams. Sellers know they have to focus in on what I call the three P's. Price, product, and promotion. In other words, their listing has to be in the spotlight and look good while the spotlight is on them. Moving right along, closed listings. 5,414. And last month in August, there were 5,847. And last year in September, there were 5,503 closed listings. Thanks, Jen, for that information. I like to pay particular attention to closed listings. It's like winning a race, crossing the finish line. I say that because if all went well, buyers have the home of their dreams and sellers put a couple of dollars in their piggy banks. And I think the numbers are starting to paint a picture. If not, stick around. They will. It's like color by numbers. One thing we have to pay attention to is even though the numbers of closed listings have remained constant over 12 months, they aren't keeping up with the number of active and new listings on the market. They're falling behind as it were. So inventory is starting to build. And as I said earlier, that's good news for buyers. They can take their time. There's more of a selection. And sellers really have to dial in everything they may want to consider when accepting an offer, perhaps doing an inspection prior to accepting an offer, or even putting their house on the market so they can fix up those little things that have built up over the years. And of course, there's curb appeal. Oh, there's many things sellers can do to put their properties in a position to be selected by buyers. Now, buyers also have challenges. There's still inflation. Well, that's for everybody. But when they're buying or buyers are looking, that is definitely on their brains what they can afford. And then, of course, interest rates. Although they're fluctuating and they're not as high as the mid-1980s, they still are higher than most buyers would like them to be. Again, the golden rule or little joke is sellers always want the property value to go through the roof, top dollar as it were. And buyers, well, they're always looking for the prices to sink into the basement like the Titanic. God rest their souls. This is a stat I focus on. Monthly supply of inventory. In September, there was 3.7. In August, there were 3.2. And last year in September, there were 2.4. Hey, Jen, I never knew you focused on this fact. Good to know. Good for everybody to know. The only thing I'll say about the current month's supply of inventory is up, up, and away. And it makes sense. The more houses that are sitting on the market, the more inventory we're going to have. Like I always say in every Phoenix real estate market update on this channel, I believe, in my humble opinion, a healthy inventory is between two and four months. So we're sitting pretty right where we want to be. Buyers, start your engines. Sellers, make sure your cars are neat and clean. Now, of course, I'm talking about houses, but I think you get the point or reference or both. If you're looking for your dream home, perhaps an investment property or a second home here in the Valley of the Sun, then our new mobile app is for you. It's fast. It's private. It's accurate. Best of all, it's free. Go ahead. Give it a try. Listing success rate. In September, it was 73.1%. In August, it was 71.1%. And last year in September was 77.6%. Listing success rate. It's not one of my favorite statistics, and I'll explain why. But I don't play favorites. I'm fair across the board because I need to provide you the most current and accurate information when it comes to Phoenix housing market data. That said, the listing success rate has been in the 70s for the last 12 months. That's not a bad thing. Most sellers, of course, would like to see the listing success rate at 100%. They put their property for sale. It sells. Buyers really don't have a particular dog in this fight. As the saying goes, when they find the house that they're interested in, they submit an offer. And if it all works out, it becomes a home, which helps the listing success rate. So there's that in a nutshell. Here comes the crowd favorite, average sales price. In September, it was 568,998. In August, it was 578,254. And last year in September, it was 556,710. You're absolutely positively correct with that statement, Jennifer. Average sales price is definitely a crowd favorite for both buyers and sellers. I think it has something to do with dollars and cents. We can see by the numbers that the average sales price for a home in the Phoenix metro area is down a bit from last month, but up from last year. Like life and oceans, real estate has its own ebbs and flows. And when I'm asked, is now a good time to make a move? I always suggest that we formulate a plan that's custom fit for you. It's not one size fits all. Sold to list ratio. In September, we had 97.7%. In August, we had 97.8%. And last year, this time, it was 98.1%. And basically what that means is if a seller lists their home for 500,000, and they receive an offer and close at 500,000, then the sold to list price ratio is 100%. Thank you, Jennifer, as well as the entire Mr. Rogers Homes team. I couldn't do it without you. Sold to list ratio, you gave us the numbers as well as an excellent definition. So there's that. On to the next one. Last but not least, average days on market. In September, it was 71. In August, it was 70. And last year in September, it was 56. Last but not least, that always cracks me up. If you're last, you're probably least. I'm just joking, having a little fun, especially when it comes to days on market. That's a crucial piece of information when it comes to Phoenix Metro real estate data. As we can see, and you can truly see, I put the numbers in the video so you can go back many times, I hope, and watch the video again. Dial in your skills. Be as informative and knowledgeable as possible when it comes to real estate here in Arizona. That said, days on market is starting to creep up, and that makes sense. As more and more inventory is added, buyers take longer sometimes to make the selection because there's more properties to view. Thus, the days on market typically increase. And the opposite is true. When inventory decreases, homes don't last on the market quite as long. So, the days on market decreases. If you like this video, make sure you check out this one. I'll see you over there. Until next time, take care. God bless America. I'll talk to you soon.