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In the coming months, it will be important to watch how rising inventory and shifting buyer demand affect home prices in Metro Phoenix. In August 2024, sold listings dropped by 17%, signaling a cooling market despite a high-end sale of $32.4 Million in Paradise Valley. North Phoenix saw the average sales price rise to $1,192,529, with $377 per square foot, indicating continued strength in luxury homes. Inventory grew by 20%, giving buyers more options, while sellers may face longer selling times. The drop in mortgage rates to 6.48% could help stimulate buyer interest. Projections for September 2024 suggest further price stabilization, with increased inventory and steady buyer activity.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: July 2024 > $889,746 vs August 2024 > $1,192,529 = 34% increase
Average Days On Market: July 2024 > 65 vs August 2024 > 72 = 11% increase
Average Sale Price Per Square Foot: July 2024 > $356 vs August 2024 > $377 = 6% increase
Sale to List Price Ratio: July 2024 > 95.72% vs August 2024 > 98.19% = 3% increase
Number of Sold Listings: July 2024 > 434 vs August 2024 > 362 = 17% decrease
Months Supply of Inventory: July 2024 > 4.61 vs August 2024 > 5.53 = 20% increase
Mortgage Rate: July 2024 > 6.86% vs August 2024 > 6.48% = 6% decrease
Top 10 Sales
$32,388,888 5724 E Mockingbird Ln, Paradise Valley
$20,975,000 5901 E Edward Ln, Paradise Valley
$18,750,000 6447 E Mcdonald Dr, Paradise Valley
$10,200,000 7525 N Shadow Mountain Rd, Paradise Valley
$9,650,000 5629 N 69th Pl, Paradise Valley
$7,900,000 4902 E Berneil Dr, Paradise Valley
$6,935,000 42 Biltmore Estates, Phoenix
$6,657,060 8215 N 62nd Pl, Paradise Valley
$6,250,000 4545 N Launfal Ave, Phoenix
$5,500,000 6414 E Maverick Rd, Paradise Valley
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➡️ 6 Steps To Home Buyer Success – http://vandykebuyerplan.com
➡️ 7 Steps To Home Seller Plan – http://vandykesellerplan.com
➡️ 8 Steps To Agent Success – http://vandykeagentplan.com
