Market Update December 9th, 2024

The November affidavits of value for Maricopa County have been tallied, providing an insightful overview of the real estate market's performance. The month saw 5,393 closed transactions, marking a 10.4% increase compared to November 2023's 4,887 but a 12.3% decline from October 2024. Among these transactions, 1,295 were closed new homes, reflecting a 6.1% growth year-over-year but a 13.8% decrease from October. Meanwhile, re-sale transactions comprised 4,098 closings, up 11.8% from November 2023 yet down 11.8% from the prior month. Despite one fewer working day in November 2024 compared to the same month last year, the market demonstrated resilience, with both new and re-sale transactions improving year-over-year.

Median sales prices showcased nuanced trends across the market. The overall median sales price in November 2024 was $474,790, up 2.1% from November 2023 but showing a marginal decline of 0.04% from October. The median price for new homes stood at $504,490, a slight decrease of 0.1% year-over-year and a 4.0% drop from October. In contrast, re-sale homes experienced price growth, with a median price of $458,500, reflecting a 2.6% increase from November 2023 and a modest 0.8% rise from October. This divergence underscores the evolving dynamics of pricing in new versus re-sale properties.

Market share analysis revealed a continued decline in the prominence of new homes. New homes accounted for 24.4% of the market in November 2024, down from 26.7% a year earlier and slightly lower than October's 24.4%. This decline suggests a shift in buyer preferences or other external factors affecting the new home segment. Despite the reduction in market share, both new and re-sale home transaction rates were notably stronger compared to the previous year, further highlighting the overall market's recovery trajectory.

These statistics encompass single-family homes and townhouse/condo properties, offering a comprehensive view of Maricopa County's housing landscape. While overall median prices were slightly down from the previous month, they remained higher than a year ago. Re-sale pricing continues to outpace new home pricing, reflecting buyer activity and pricing strategies. Together, these figures paint a picture of a dynamic and evolving real estate market navigating both seasonal trends and broader economic conditions.

Rates have been dipping since last week, if this continues with a combination of the kick-off of buying season come January, it could be a bump in demand for the new year.

“Some people want it to happen, some wish it would happen, others make it happen.”
—Michael Jordan

Have a great week everyone!