Some Of The Latest Numbers
With all the change going on in the U.S. Housing Market, as passionate professionals, we at Williams Luxury Homes keep up with the latest Arizona real estate stats. Even better? We share them! They are what they are. To be blunt, we see both positive and negative ways to look at the below information. Why? Because we know this market very well. We’re HAPPY this correction is taking place. And we are helping our clients (both buyers and sellers) succeed in it. With that said…
Latest Greater Phoenix Stats Per Cromford Report – Early October 2022
- We’ve hit 20,000 pieces of inventory for first time since March 2017. The long-term avg. is 25,000. Coinciding with recent rate increases, there has been an uptick in new listings over the last few weeks (after they had started to stabilize).
- 350-450k price range has approx. 2,082 listings which is first time since Jan 2008.
- *400-500k price range has approx. 4,456 listings which is the most ever in that price range in Greater Phoenix history.
- 500-600k has approx. 2,510 listings which is most since Dec 2007.
Additionally
*450k is the median price in Greater Phoenix so that being the valley’s median of course we will see more inventory than ever in that price range.
Our overall “Months Of Inventory” is in the 3.5 months range which is actually good. The last balanced market we had was in 2014. In that market the “Months Of Inventory” was 5.5 months. This means in the last balanced market, it would take far longer to run out of existing inventory compared to our current market.
In summary, what we’re seeing, so far, is an expected correction. A good and hard correction. Only time will see where it goes from here. If you’re interested in staying up on the latest info across the valley, feel free to let us know!
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