Sales activity continued to dampen in Maricopa County last month, according to the latest report from Phoenix REALTORS®, as new, pending and closed listings all fell on a year-over-year basis.
Realtors entered 4,875 new listings into the Multiple Listing Service (MLS) in October 2023, a 6% decrease year over year. Furthermore, new listings were down 29.5% on a year-to-date basis, with 48,503 new listings added so far this year compared to 68,825 during the first 10 months of 2022.
Pending sales plummeted during the month, with just 2,198 properties going under contract. That’s a 32.2% drop from last year.
Closings slowed as well — approximately 200 fewer listings sold during October, marking a 7.1% decline year over year.
Meanwhile, both the median and average sales prices increased. The median sales price rose 1.1% to $500,000, while the average sales price rose 9.2% to $685,092, year over year, in October. Additionally, the close-to-list price ratio rose by 1.2% to 98.6%, indicating that the typical seller receives 98.6% of their asking price.
Inventory also fell 29.9% during the month. At the current rate of sales, it would take about 2.7 months to sell all the homes for sale in Maricopa County. That’s a decline of 10% from last year, when there was a three-month inventory supply.