The Number Of New Real Estate Listings Has Gone Up Drastically In Phoenix, Arizona
In almost everything, being able to choose from the most options is ideal. Having multiple choices means that you have a greater chance at getting what you truly desire. This is especially true for new homebuyers searching for their dream estate. The more listings available in their area, the greater the chances of them finding exactly what they want.
With this in mind, those looking for a home in Phoenix, Arizona, may be jumping for joy. Compared to previous years, 2022 has seen a huge increase in new real estate listings. According to Ramsey Solutions, this is not the norm -– in fact, many other cities have had very low home inventories, which is making the market extremely competitive. But those in Phoenix can expect some of that competitive spirit to ease up, which is great news for those interested in purchasing a home. Below is a closer look at the data.
A significant increase in listings
According to the above graph, the highest listings in Phoenix, Arizona, in the past five years have been in 2018, when they reached 9,860 in May. Then, after fairly high numbers in 2019 and a drastic decline in 2020 (because of COVID-19), listings rose again in 2021 to 8,872. Finally, in May of 2022, the number of new listings rose even higher, to 8,933.
However, while in 2021, the listings stayed at just under nine thousand for a few months, this year, the numbers have only continued to increase. In June of 2022, the number of new houses being sold in Phoenix rose to 9,641 and has not yet begun to decline. Therefore, this year has seen a drastic increase in listings nearing the numbers in 2018.
This means that those looking to buy a house may want to start searching now, as there are more options than there have been for the past four years. Additionally, buyers who find a home they love may want to act fast, as homes are not staying on the market for long, per Movoto. The average listing in Phoenix sells after 37 days, which is a huge increase from 2021 when homes typically sat on the market for 212 days. However, homebuyers should also consider the price, as home prices are higher than ever right now. Redfin shows that the median home price in Phoenix is $440,400, which is almost double what it was in the middle of 2018.