Ahwatukee AZ Real Estate Housing Market Report - December 2022
After increasing for the first six months of this year, the price per square foot of Ahwatukee homes has now decreased in five of the last six months, dropping from a high of $321/sf in June back down to $273/sf in December.
The Ahwatukee days on market has increased five months in a row, going from 28 DOM in July to 70 DOM in December. Ahwatukee DOM has more than tripled in the last six months. There should still be some demand for homes in Ahwatukee as we head into 2023, but this is typically the slowest part of the season for the Arizona housing market.
After increasing in September, the number of new listings in Ahwatukee has now decreased for the third straight month, going from 116 new listings in September to 51 this month. The number of new Ahwatukee listings are now -28.2% lower than they were in December of 2021. This is now the lowest number of new listings in Ahwatukee over the last five years.
After increasing for seven straight months, active listings in Ahwatukee have decreased the last three months, going from 299 in September to 203 in December. With this decrease, the number of active Ahwatukee listings is still 51.5% higher than in December of 2021. December listings in Ahwatukee are greater than they have been in December since 2019.
There has been a lower-than-normal inventory of Ahwatukee homes for sale for quite some time. Homes that are listed in Ahwatukee continue to sell, but you can see it has been taking longer each month since July. Median home values in Ahwatukee have now decreased an average of -10.9% since December of 2021.
Even with interest rates remaining around 6.5%, the demand from buyers looking to purchase homes in Ahwatukee should remain slightly higher than in a balanced market as we head into 2023. Sales are slowing and fewer people are listing their homes while inflation continues.
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