Real estate

While the frenzy of the local real estate market has calmed over the last few months, prices and demand continued to hold steady in September.

The average number of days a listing spent on the market in Maricopa County increased very slightly, from 27.5 in August to 27.8 days in September. 

According to The Cromford Report, 50% of sales closed in Maricopa County during September sold for over the listing price, decreasing from 53% of August sales, continuing a downward trend that started in June. 

Even with this downward trend, the closing price per square foot increased for the third month, up from $258.61 per square foot in August to $262.14 in September. 

The S&P/Case-Shiller Home Price Index, published Sept. 28, covers home sales from the second quarter of 2021. Phoenix ranks at the top of the list of cities with the highest appreciation rate at 3.32%, more than twice the national average of 1.62%. It will be interesting to see how the cooling of our market over the last few months affects the third quarter Case-Shiller HPI.

September saw 432 MLS listing sales closed in Glendale and 371 closed in Peoria. Today there are 229 active and available listings (not counting properties already under contract or pending close of escrow) in MLS in Glendale and 224 active listings in Peoria. That is 53% of one month’s inventory in Glendale, down from 63% last month, and 60% of one month’s inventory in Peoria, down from 64%. Maricopa County inventory is 74% of September’s closed sales, down slightly from 75% in August. 

According to ShowingTime, the platform Realtors use to schedule most of the MLS showings, Peoria listings in the $200,000 to $399,999 range had an average of 14.29 showings per listing, increasing slightly from last month. Glendale homes in the $200,000 to $399,999 range saw a decrease in the average number of showings per listing from 15.6 to 11.20. Not all showings are scheduled through ShowingTime, so actual numbers are typically higher.

According to Freddie Mac, as of Oct. 14, National Mortgage Rates reported U.S. weekly averages of 3.05% for a 30-year fixed, 2.3% for a 15-year fixed rate, and 2.55% for a five-year ARM. 

According to MLS statistics, 73.5% of Maricopa County buyers financed their home purchase in August, while the rest paid cash. Buyers using a conventional mortgage to purchase a three-bedroom detached house with two bathrooms paid a minimum of $225,000 in Maricopa County, $274,000 in Glendale, and $285,000 in Peoria. Conventional financing made up 75.4% of September financed sales.

In September, FHA buyers in Maricopa County paid a minimum of $238,085 for a detached home with three bedrooms and two baths. Peoria FHA buyers paid a minimum of $275,000, and Glendale FHA buyers paid $300,000. FHA buyers made up 9.1% of financed purchases in September. Maricopa County VA buyers making a similar purchase paid a minimum of $285,000, Glendale VA buyers paid $357,000, and Peoria VA buyers paid $345,000. Home sales financed with VA loans made up only 6.7% of September financed sales. 

The remaining financed transactions used other financing methods. For the week ending Sept. 26, 5% of Maricopa County sellers contributed to their buyer’s closing costs, the highest percentage reported since March 7.

At the other end of the market, the highest-priced home sale in Maricopa County last month sold in Scottsdale for $8.675 million. Peoria’s highest-priced home sold for $2.024 million. The highest-priced home sale in Glendale was $2.51 million.

If your finances could use some steadying, 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 to find the assistance.