New home listings have increased since May of this year, along with homes selling faster and for higher prices.
According to current data from Phoenix REALTORS, new home listings were up more than 17% in the first five months of this year compared to last year. Home sale turnovers dropped to 65 days from an average of 74 days on the market in 2023, with the year-to-date median sale price increasing 6.4% to $479,000. Over the past 12 months, home sale closings have held steady at around 98% of asking prices.
“Frankly speaking, expectations for this year were that 2024 would be better than 2023,” says 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 this year, it’s heartening to see new listings increased in May, opening more ownership opportunities.”
With 7,121 homes featured in new listings this year, compared to last May’s figure of 6,215, there’s been around a 17% increase in houses available for sale.
In Phoenix, listings posted in the first five months of 2024 rose 18% from last year, though pending sales dropped nearly 15%. The median sales price increased over 12% to $490,000 as the number of days on the market through the end of May fell 20.6% to an average of 54 days.
Queen Creek realized the highest turnover times among major Valley cities with a 13% jump in year-to-date listings with homes being on the market for a steady 83 days. The median home price in Queen Creek increased 10.7% to $645,000 in the year-to-date compared to 2023.
Goodyear experienced a nearly 23% increase in listings and a 10% year-to-date decline for pending sales, while the median sales price made little growth at 2.4% compared to 2023. The number of days an average Goodyear home stayed on the market was 58 days this May compared to 74 days in May 2023, which was one of the most notable market improvements overall.
“The Northwest Valley is seeing a lot of activity generated by the workers looking to live near the new semiconductor manufacturing and support facilities in Deer Valley,” says Bowden. “While Phoenix is seeing increased development in the area of TSMC [Taiwan Semiconductor Manufacturing Company] and its supporting companies, Peoria and Surprise have inventory coming onto the market now.”
Peoria held one of the most substantial listing jumps at a 29% increase since 2023. Though closed sales were low across the Valley in the first five months of 2024, Peoria was only hit with a 2.9% decrease. The median home price increased 7% to $535,000.
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