By InBusiness Phoenix
The number of new listings continued to climb in May in year-to-date comparisons, according to the latest data from Phoenix REALTORS. The first five months in 2024 were up more than 17% compared to the same period of 2023.
Homes have also sold faster so far this year when compared to 2023, and the average days on the market dropped from 74 to 64. The year-to-date median sale price increased 6.4% to $479,000, with home sales closing at around 98% of the asking price, a steady position over the past 12 months.
“Frankly speaking, expectations for this year were that 2024 would be better than 2023,” said Sheryl Bowden, president of Phoenix REALTORS. “Instead, we’ve faced a tight inventory for buyers who were looking. And while sales have not been what was expected so far this year, it’s heartening to see new listings increased in May, opening more ownership opportunities.”
New listings are approaching 37,000 homes on the market, comparing 2024 with the same months last year. Looking at year-over-year data, 7,121 homes were added as new listings this year compared with 6,215 in May 2023, an increase of 17.2%.
“Looking at the Valley as a whole, the data is encouraging,” Bowden said. “Individual cities are showing diverse results.”
