- Quarterly Market Review -
A Review Of Key Market Differences Year over Year
2nd Quarter 2023 | 2nd Quarter 2024
SINGLE-FAMILY HOMES
1,195
Total Sold
4
225 DOM
SINGLE-FAMILY HOMES MARKET SUMMARY | 2nd Quarter 2024
Official Market Type: Seller’s
New Inventory is up by almost 47% but for most price points buyer demand is still outpacing the supply and that’s why the market conditions are still considered more favorable for sellers.
Homes are selling on average at 99% asking price, same as this time last year.
Out of the 2,847 SFD sales during Q2 2024: 495 were all Cash and 568 were closed with an FHA loan.
It’s taking, on average, a little less than 2 months to sell a home in Phoenix.
10 of the sales from Q2 2024 were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, Pre-Foreclosure etc.) compared to 24, in Q2 2023.
- Quarterly Market Review -
A Review Of Key Market Differences
Real Premier Team
A Note from the Team Leader...
As we move into the 3rd quarter of 2024, the Phoenix real estate market remains strong for sellers, despite the lower number of properties under contract. Buyer demand continues to outpace the supply of available homes for sale. The average $/SQFT has increased by 8% when compared to this time last year, reaching $316.11 in Q2 2024, up from $292.45. Additionally, the days on market count has slightly reduced, highlighting the strong demand despite higher interest rates.
For homeowners considering selling, now is an excellent time. A proactive agent like myself can provide a custom-tailored marketing plan and strategic pricing advice to maximize your success.
I’m dedicated to supporting your real estate goals with unparalleled service and optimism. Let’s work together to make the most of these favorable conditions. Feel free to call me to discuss further.
Sincerely, Erica Anderson
