Days on the market decrease in April, median prices increase, and housing options increase.
A new list has been added. Closed sales increased. And the number of days on market decreases. This is good news for the April year-over-year residential real estate sales data reported by Phoenix Realtors.
“While a one-month increase is not a trend, the reversal from the previous month's decline is welcome news,” said Cheryl Bowden, president of Phoenix Realtors. “Despite the increase in housing inventory, we see that median home prices remain strong.”
The number of new listings increased by 13.2% year-on-year, with nearly 7,100 homes coming on the market. As a result, when comparing April 2024 with his April a year earlier, supply increased by 43.4% and days on market before sale decreased by 12.5%.
Compared to the same period last year, the number of completed sales increased 4% to 5,550 units, and the median sales price increased 7.7% to $490,000. The list price percentage received still remains close to his 99% of the asking price.
“Spring is always a good time for sales,” Borden said. “A lot happened in the market between the NCAA Men’s Basketball Finals and Spring Training in March and April. A surge in visitors often sparks interest in living in the Valley. .”
A closer look at the two Greater Phoenix counties shows that Pinal County is seeing new listings increase by more than 14%, compared to Maricopa County's 13.4% increase. In April, homes in Pinal County were on the market slightly longer than in Maricopa County, 65 days compared to 61 days in the larger county, but in Pinal County's case that was down more than 26% from last year.
Pinal County maintains higher affordability than neighboring counties, with a median home sale price of $385,000 for the month compared to $520,000 in Maricopa County.
“Employment opportunities in Pinal County are increasing with the growth of the Southeast Valley, and interest in the area is increasing,” Borden said. “With industrial expansion around the Phoenix-Mesa Gateway and new battery and semiconductor companies under construction, there is a lot of interest in finding housing close to work.”
Overall, the Phoenix metro area's home inventory for sale in April was 16,228 homes, the highest in 12 months, but still below the peak inventory of about 20,000 homes in mid-2022.
Home prices vary widely throughout the Valley. Scottsdale's median sales price in April was $1.2 million, compared to Gilbert's $800,000, Phoenix's $500,000, Goodyear's $488,000, Santan Valley's $434,500, and Surprise's It was $430,000.
Learn more about Phoenix REALTORS.
queen creek
- New listings: 215 (+24.3%)
- Pending sales: 127 (-25.7%)
- Closed sales: 143 (-12.3%)
- Days on market: 84 (-8.7%)
- Median sales price: $679,500 (+17.2%)
- Average selling price: $758,036 (+21.4%)
- Percentage of list price received: 99.0% (+0.9%)
- Inventory of homes for sale: 574 (+32.6%)
- Months of inventory supply: 4.7 (+51.6%)
