More sales and less inventory springing the housing market forward!
In February 2023, 252 MLS listing sales closed in Glendale, up from 166 in January, and 191 in Peoria, up from 153. In Maricopa County, 4709 MLS listing sales closed, up from 3558 in January.
Today there are 374 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale, down from 447 in January, and 441 active listings in Peoria, down from 485. There are 10,675 active listings in Maricopa County, down from 11,961 in January.
According to The Cromford Report, in Maricopa County in February, the average number of days a listing was on the market was 80.3.
In February, 14% of Maricopa County listings sold for over the listing price – up from 11% in January. The average closing price per square foot in Maricopa County in February was $282.82, a slight increase from January.
According to Freddie Mac, as of March 9th, 2023, National Mortgage Rates reported U.S. weekly averages of 6.73% for a 30-year fixed and 5.95% for a 15-year fixed mortgage, up slightly from last month.
According to ShowingTime, the platform REALTORS use to schedule most of the MLS showings, 40.75% of the February showings in Peoria and 40.70% of the February showings in Glendale were in the $400,000 - $599,000 price range and 33.81 of the Peoria and 47.02 of the Glendale were in the $200,000 - $399,000 price range. Peoria saw a total of 3811 showings scheduled, and Glendale 4468. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher.
According to MLS statistics, 75.5% of Maricopa County Buyers financed their home purchase in February, while the rest paid cash.
In February, Buyers using a Conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $235,000 in Maricopa County, $275,000 in Glendale, and $305,000 in Peoria. Conventional financing made up 67 % of February's financed sales.
FHA Buyers in Maricopa County paid a minimum of $275,000 for a detached home with three bedrooms and two baths. Peoria FHA Buyers paid a minimum of $338,000, and Glendale FHA Buyers paid $328,000. FHA Buyers made up 16% of financed purchases in February.
Maricopa County VA Buyers making a similar purchase paid a minimum of $260,000, $385,000 in Peoria, and $325,000 in Glendale. Home purchases made with VA loans were 7.8% of February's financed sales, and the remaining financed transactions used other financing methods.
For the week ending February 26th, 2023, 47% of Maricopa County Sellers contributed to their Buyer's closing costs. While this is the same percentage as the week ending January 29th, the median concession amount decreased from $10,000 to $8,700.
The highest-priced home sale in Maricopa County in February was in Paradise Valley for $10,200,000. The highest-priced home sales in Peoria and Glendale were $1,499,000 and 1,500,000.