Maricopa County saw a 6.6% increase in new listings in January, according to the latest Market Update from Phoenix REALTORS®.

Realtors entered 5,328 properties into the MLS last month, up from 4,996 in January 2023. Meanwhile, inventory grew to a 2.9-month supply — that’s a 16% increase year over year.

Although closed sales increased marginally during the month, pending sales saw a significant drop. Nearly 2,900 homes went under contract, a 33.8% decrease from last year, when there were 4,375 pending listings.

Meanwhile, the median and average sales prices both increased annually in January. The median sales price rose 6.5% to $490,000, while the average rose 8% to $656,272.

Condos and townhomes fared similarly during the month. New listings increased by 14.3% year over year, while pending sales dropped by 33.1%. Both the median and average sales prices increased, by 9.7% and 13%, respectively, while months of inventory jumped 29.2% to 3.1 months.