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In February 2024, the Metro Phoenix housing market witnessed a significant increase in sold listings compared to January. Despite this uptick in sales, the average sales price experienced a slight decline to $1,032,410, yet the average price per square foot rose to $379. The inventory of available properties for sale decreased from 6.1 months in January to 4.7 months in February. Prospective buyers faced mounting financial pressure from mortgage rates, with the 30-year fixed-rate average increasing to 7.22%, potentially impacting affordability and buyer decision making.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: Jan 2024 > $1,058,927 vs Feb 2024 > $1,032,410 = 3% decrease
Average Days On Market: Jan 2024 > 65 vs Feb 2024 > 63 = 3% decrease
Average Sale Price Per Square Foot: Jan 2024 > $377 vs Feb 2024 > $379 = 1% increase
Sale to List Price Ratio: Jan 2024 > 95.90% vs Feb 2024 > 96.98% = 1% increase
Number of Sold Listings: Jan 2024 > 305 vs Feb 2024 > 419 = 37% increase
Months Supply of Inventory: Jan 2024 > 6.34 vs Feb 2024 > 4.7 = 26% decrease
Mortgage Rate: Jan 2024 > 6.84% vs Feb 2024 > 7.22% = 6% increase
Top 10 Sales
7777 N Saguaro Dr, Paradise Valley $11,650,000
4816 E Exeter Blvd, Phoenix $10,364,000
6013 E Caron Cir, Paradise Valley $9,650,000
7800 N 65th St, Paradise Valley $9,391,112
5250 N 21st St, Phoenix $7,626,000
6972 E Stagecoach Pass Pass, Carefree $6,295,000
6416 E Horseshoe Rd, Paradise Valley $5,813,734
5430 E Arcadia Ln, Phoenix $5,800,000
10228 N 57th St, Paradise Valley $5,800,000
6417 N 61st Pl, Paradise Valley $5,700,000
