It’s August 1st, and while the numbers are not yet final, we have a solid sense of where things stand for single family detached home sales in Maricopa County listed on the MLS.

One of the most notable developments this month is a drop in inventory, with approximately 1,000 fewer homes on the market. This is likely due to sellers temporarily pulling their listings until the fall, when sales activity typically increases.

Although the number of homes under contract declined slightly, the decrease in available inventory was more significant. As a result, the supply and demand ratio improved slightly in favor of sellers.

The number of homes sold is down compared to last month but similar to last July. This same year-over-year trend is reflected in the average sale price, total dollar volume, and price per square foot.

One statistic not shown on our chart is the list-to-sale price ratio, which currently sits at 82.97 percent. This is relatively low and indicates that homes are selling for well below their asking prices, which presents a clear opportunity for buyers.

The average sale price is down by about $25,000, which is typical for July. The average number of days on market also increased, reflecting the seasonal slowdown.

Looking ahead to fall, we expect activity to pick up again as more buyers return and there is a possibility of a rate cut.

It may be hot outside, but I am working all summer. If you want to take advantage of the opportunity to buy a home for well below the asking price, now is a great time. I just helped one couple purchase a home for 9.7 percent below the current list price and 14.29 percent below the original list price.