Market update: The wild ride of 2022 comes to an end

In November 2022, 201 MLS listing sales closed in Glendale and 202 in Peoria.

Today, there are 603 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 577 active listings in Peoria.

On Nov. 30, there were 15,093 active listings in Maricopa County, almost 3.5 months’ supply. While this is three times the number of listings we had on Nov. 30, 2021, it is the lowest number we have seen since Sept. 9 of this year.

According to The Cromford Report, in Maricopa County in November, the average number of days a listing was on the market was 58.54, the highest number since February 2020’s 61.44 days. In November of 2019, before the pandemic, the average days a listing spent on the market was 54.56 days.

In November, 13% of Maricopa County listings sold for over the listing price. The average closing price per square foot in Maricopa County in November was $286.17, still higher than the 274.65 price per square foot average seen in November 2021.

According to Freddie Mac, as of Dec. 15, 2022, National Mortgage Rates reported U.S. weekly averages of 6.31% for a 30-year fixed and 5.54% for a 15-year fixed mortgage. These rates are the lowest since Sept. 22, 2022, down from the peak of November 2022. 

According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, 39.59% of the November showings in Peoria and 37.45% of the November showings in Glendale were in the $400,000 to $599,000 price range, and 36.34 of the Peoria and 46.99 of the Glendale November showings were in the $200,000 to $399,000 price range. Peoria saw 2,680 showings scheduled and Glendale 3,041. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher. 

According to MLS statistics, 76.4% of Maricopa County buyers financed their home purchase in November, while the rest paid cash. 

Buyers using a conventional mortgage to buy a three-bedroom detached house with two bathrooms paid a minimum of $223,200 in Maricopa County, $260,000 in Glendale, and $341,000 in Peoria. Conventional financing made up 66.4% of November’s financed sales.

In November, FHA buyers in Maricopa County paid a minimum of $290,000 for a detached home with three bedrooms and two baths. Peoria FHA buyers paid a minimum of 320,000, and Glendale FHA buyers paid $318,000. FHA buyers made up 15.2% of financed purchases in November.

Maricopa County VA buyers making a similar purchase paid a minimum of $290,000, $445,000 in Peoria, and $345,000 in Glendale. Home purchases made with VA loans were 7.2% of November’s financed sales, and the remaining financed transactions used other financing methods. 

For the week ending Nov. 27, 2022, 48% of Maricopa County sellers contributed to their buyer’s closing costs. This number is down from 50% the week before and, before November 2022, the highest since May 31, 2020.

The highest-priced home sale in Maricopa County last month was in Paradise Valley for $13.5 million. The highest-priced home sales in Peoria and Glendale were $3.8 million and $1.1 million, respectively. 

If your finances have also been on a wild ride, please know that you are not alone. Homeowners, tenants and landlords are encouraged to reach out to the Department of Housing and Urban Development’s (HUD) housing counseling program at 1-800-569-4287 or go to consumerfinance.gov/housing to find the assistance you need for your situation.