Monthly Market Update

As we move into fall, the Maricopa County real estate market remains active, though there have been a few key shifts compared to last month. Whether you’re a homeowner, buyer, or investor, staying on top of the latest trends can help you make more informed decisions. Let’s dive into the latest numbers and see what’s changing in our local market.

📊 September 2024 Key Market Stats:

• New Listings: 5,498
  September saw an uptick in new listings, which means more inventory for buyers to choose from. Compared to last month, there are more homes hitting the market, creating opportunities for those who may have been frustrated by limited options earlier this year.

• Average List Price: $540,000
  We’ve seen a slight decrease in the average list price from last month. At $540,000, this may indicate that sellers are adjusting their expectations to better align with market conditions. For buyers, this could mean an opportunity to purchase at a more favorable price, especially if these trends continue.

• Months of Inventory: 3.9
  The months of inventory have increased, up from August’s levels, bringing us closer to what’s considered a balanced market. A balanced market is generally between 4 and 6 months of inventory. This increase means that while homes are still selling, there’s less pressure on buyers to make rushed decisions.

• Days on Market: 67
  Homes are staying on the market a bit longer compared to previous months. With an average of 67 days on the market, sellers may need to adjust their strategies or pricing to appeal to buyers in a more competitive landscape. For buyers, this extended timeline could offer more negotiation power.

• Average Price per Square Foot: $289
  The average price per square foot has remained relatively stable at $289. While this number can vary significantly based on neighborhood, home type, and size, it offers a good general indication of what buyers can expect when comparing home values across the county.

• Homes Sold: 3,108
  While there are more listings available, the number of homes sold has remained consistent, with 3,108 homes sold in September. This shows that demand is still strong, but buyers may be taking a bit more time to find the right home given the increase in inventory and days on market.

What Does This Mean for Buyers and Sellers?

• For Buyers:
  With inventory increasing and homes staying on the market longer, now might be a good time to start or continue your home search. You’ll likely find more options, and with list prices adjusting, there could be opportunities for negotiation. The market is starting to balance out, so buyers should feel less rushed compared to the highly competitive market we saw earlier this year.

• For Sellers:
  Sellers may need to manage expectations as homes are taking longer to sell and list prices are being adjusted. Pricing your home correctly from the start will be crucial in attracting serious buyers. This isn’t the time to test the market with overly ambitious pricing—buyers are becoming more discerning, and the days of instant multiple offers might be behind us for now.

Looking Ahead:

As we head into the final quarter of the year, it’ll be interesting to see how these trends continue. The increase in inventory and days on market suggest a shift toward a more balanced market, which could be welcome news for both buyers and sellers. If you’re thinking about buying or selling this fall, don’t hesitate to reach out. I’m always here to help guide you through these changes and ensure you make the most informed decisions for your real estate goals.

If you have any questions about the data or want to discuss how the market affects your specific situation, feel free to reach out!