Arizona Market Recap: What the Last 30 Days Are Telling Us

By Jason Penrose

Jason has been licensed since 1999, and is currently one of the top 20 agents in Arizona for homes sold.

The spring selling season is here, and the numbers are telling an interesting story. Here’s a quick look at what the last 30 days look like across Arizona compared to the same time last year.

Active inventory is up slightly. We’re sitting at 30,538 homes on the market right now compared to 30,145 last year. That’s a 1.3% increase. More homes available, but not dramatically more. What’s interesting is that quite a few homes have actually come off the market recently, which has tightened things up a bit despite the overall number being slightly higher.

More homes are going under contract. We have 9,620 homes pending right now versus 9,191 last year. That’s a 4.47% increase in homes under contract. Buyers are showing up this spring, and the activity is real.

Closings are up too. 7,629 homes sold compared to 7,318 last year, a 4.2% increase. More deals are getting done, and that tracks with what we’re seeing on the ground as rates have been stabilizing and buyer confidence is picking up.

Month supply of inventory dropped. We went from 3.6 months last year to 3.4 months this year, a 5.6% decrease. That’s still not an oversupply by any measure. A balanced market is generally considered to be around 4 to 6 months of supply, so we’re sitting just below that range.

So what does all of this mean? Rates have been stabilizing, the spring selling season is bringing buyers back into the market, and inventory has actually tightened up a little. We’re not in a frenzy, but we’re also not sitting still. The market is moving, and the numbers reflect that.

Now, the national housing numbers are going to play a role too, and that’s something I’ll dive into in a separate video. But for right now, locally, the data is showing a market that’s picking up speed heading into the busiest time of the year.

If you know anyone thinking about buying or selling a home, please send them my way. I’d love and appreciate your referrals. Call or text me anytime at (602) 738-9943, email me at jason@thepenroseteam.com, or visit buyaztoday.com.