As the market continues to cool, we’re finally seeing a housing market that is becoming more balanced giving both the buyers and sellers equal leverage during contract negotiations. Below are some current market data from the Cromford Report™ for the greater metro Phoenix area as of 7/10/2022.
Active Listings – 15,870
The typical supply for the Metro Phoenix area is around 27,500. Last month we are at 11,059 and 6,689 a year ago. While the increases we’re seeing are significant, keep in mind that we’ve been at historical lows.
Months supply – 2.2 Months
The typical supply for the Phoenix metro area is around 4.3. Last month we were at 1.3 and 0.7 a year ago.
Average Sales Prices as a % of List – 99.51%
Last month the ratio was at 101.17% and 101.76% a year ago.
Median Price – $465,500
Last month the price was $475,000 and $398,000 a year ago.
Contract Ratio – 53.3
The contract ratio indicates how hot a market is. The current ratio of 53.3 means for every 100 homes for sale, 53.3 were under contract. In a balanced market, the contract ratio usually falls between 30 to 60. Anything above 60 is considered a hot market and anything below 30 is considered a cold market.
Lender Owned % Sales – 0.1%
The ratio of lender sales continues to be a tiny percentage of overall sales.