10/03/2024
If you are considering buying a home in Maricopa County these are the housing metrics you need to pay attention to:
Median purchase price (MPP) in September - For ($505,000), was $5K (1%) higher than August ($500,000).
Sales in September - (3,584), was 345 (9%) lower than August (3,929). Year over year sales were 238 (6%) lower than August of 2023.
New listings in September - (5,185) was 447 or (9%) higher than August (4,738). YOY listings were 288 (6%) higher than September of 2023 (4,897). The median list price for September ($530,000) was $5K higher than August 2024. YOY median list price is up ($5,000) over August of 2023.
How were homes purchased in September:
18% Cash
53% Conventional or jumbo loans.
17% FHA financing.
6% VA financing.
2% other
Price per square foot (PSF) September - ($290.25) was $.42/per square foot higher than August ($290.53). Year over year (YOY) PSF was $4.01(1.0%) higher than August of 2023 ($286.94).
Percent of sales with "seller concessions" in September - 56%, were higher August (54%) and a lot higher than August of 2023 (43%).
Closings with concessions by dollar amount look like this:
Concession of $2,500 - $4,999 was 801.
Concession of $5,000 - $9,999 was 426
Concession of $10,000 - $19,999 was 392.
Concession of $20,000 - $49,999 was 111.
Concession of $50,000 - $99,999 was 1.
Concession of $100,000 - $149,999 was 0.
Concession of $150,000+ was 1.
The median dollar seller concession in August was $12,000.
Notices of Trustee's Sales (NOTS) foreclosure notices - September (321), was slightly lower than August (311). For reference, the number of NOTS in September of 2009 was 8,970. If you are waiting for a "wave" of foreclosures, you will be waiting a while.
Median monthly rent (MMR) for a single-family home September - was $2,370 / month which was $25 (1%) lower than August ($2,395). Year over year, 1% lower than August of 2023.
The 30-year fixed mortgage rate - Mortgage rates as of this writing hover in the low 6's to mid 5's, depending on FICO scores, down payment % and property types will impact these numbers. Call me for specifics.
Some highlights for individual cities for the median sales price on a year over year YOY September (2023 to 2024) basis:
Anthem - $574,450 - $474,500 (-17%)
Carefree - $1,150,000 - $1,050,000 (-9%)
Chandler - $533,196 - $550,000 (+5%)
Eloy - $262,990 - $346,000 (+32%)
Fountain Hills - $731,350 - $887,500 (+18%)
Gilbert - $590,000 - $587,500 (0%)
Litchfield Park - $485,000 - $517,500 (+7%)
Mesa - $480,000 - $502,000 (+5%)
Paradise Valley - $3,580,000 - $4,950,000 (+38%)
Phoenix - $475,000 - $479,900 (+1%)
Queen Creek - $593,000 - $646,500 (+9%)
San Tan Valley - $389,945 - $434,900 (+12%)
Scottsdale - $1,037,500 - $1,064,500 (+3%)
Sun Lakes - $537,500 - $545,000 (+1%)
Tempe - $570,000 - $540,000 (-5%)
Wickenburg - $670,000 - $440,000 (-34%)
This is a great illustration of the variability of the market locally. Some local markets are up, some are down. This is precisely why you need a full-time professional Realtor that knows the local market that you are looking in. Maricopa County is a very large MSA with many sub markets and local knowledge is critical to your success.
As always, if you have any questions on the above, please call, text or email me.
Send a message to learn more
