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For both buyers and sellers, the good news is that mortgage rates have steadily declined since last October and are expected to remain in the mid-6% range for 2024. While higher than the record lows of 2020 and ’21, they still fall below the historical average of 7.74%. This, along with increased inventory, signals the beginning of a robust real estate market, where buyers enjoy greater choices, and sellers can anticipate receiving 96 to 97% of their asking price, as long as their properties are appropriately priced.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: Dec 2023 > $995617 vs Jan 2024 > $1062053 = 7% increase
Average Days On Market: Dec 2023 > 61 vs Jan 2024 > 65 = 7% increase
Average Sale Price Per Square Foot: Dec 2023 > $382 vs Jan 2024 > $377 = 1% decrease
Sale to List Price Ratio: Dec 2023 > 96.43% vs Jan 2024 > 95.89% = 1% decrease
Number of Sold Listings: Dec 2023 > 321vs Jan 2024 > 305 = 5% decrease
Months Supply of Inventory: Dec 2023 > 5.26 vs Jan 2024 > 6.04 = 15% increase
Mortgage Rate: Dec 2023 > 6.90% vs Jan 2024 > 6.84% = 1% decrease
Top 10 Sales
$9,750,000 5432 E Via Del Cielo, Paradise Valley
$9,506,275 5505 N Casa Blanca Dr, Paradise Valley
$9,300,000 6235 E Cholla Dr, Paradise Valley
$8,500,000 4701 E Sierra Vista Dr, Paradise Valley
$6,150,000 5301 N 69th Pl, Paradise Valley
$5,975,000 6326 E Quartz Mountain Rd, Paradise Valley
$5,619,000 6240 E Bar Z Ln, Paradise Valley
$5,185,000 4650 E Palomino Rd, Phoenix
$4,700,000 6718 E San Miguel Ave, Paradise Valley
$4,525,000 6101 E Cholla Ln, Paradise Valley
