Ahwatukee AZ Real Estate Housing Market Report - December 2022

1/13/2023

Ahwatukee AZ Real Estate Housing Market Report - December 2022

After reaching an all-time high of $701,303 in May, the average sales price of homes in Ahwatukee had fluctuated up and down but has decreased for two straight months to end the year. The average sales price of Ahwatukee homes has reached a new all-time low for 2022 of $531,644 in December. This is the first year since 2019 that the average sales price in Ahwatukee has decreased in December.

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.

Ahwatukee AZ homes for sale | Troy Erickson Realtor

After increasing last month, Ahwatukee home sales declined in December, going from 66 in November to 55 to end the year. Home sales typically start to decline this time of year, but this is the lowest number of home sales in December for at least the last five years. With this decrease, Ahwatukee home sales are down -60.1% from December of 2021.

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.

>>Click Here To See All Current Ahwatukee Arizona Homes For Sale<<

For more detailed stats on the Ahwatukee Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Ahwatukee real estate housing report - December 2022

If you’re considering selling your house, let my expertise guide you through the process to ensure a smooth transaction while navigating today's housing market.

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Whether you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me today so we can put your plans into motion. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.

Homes for sale in Ahwatukee, AZ | Troy Erickson Realtor

Feel free to reach out to me if you have any questions about home buying, selling, or investing in the Phoenix Metro or East Valley areas. Just give me a call or text at 602-295-6807 and I will be glad to help.

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]

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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.

Ahwatukee real estate | Troy Erickson Realtor | HomeSmart

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Tempe AZ Real Estate Housing Market Report - December 2022

1/12/2023

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Tempe AZ Real Estate Housing Market Report - December 2022

After decreasing for four straight months the average sales price of Tempe homes barely increased to end 2022, going from $538,715 in November to $539,099 this month. This is the third December that Tempe average home prices have increased.

The average sold price per square foot of Tempe homes saw a nice little increase in December, going from $271/sf in November to $275/sf in December. This is the third out of the last four months that there has been an increase, but the overall trend over the last six months is still downward.

After Tempe days on market reached an all-time low of 20 in May and June, it has increased six months in a row. Tempe DOM increased to 65 in December. Even with this increase to 65 DOM, homes in Tempe are still selling reasonably fast. However, sales should slow down as we enter the new year, which is the slowest time of the year for the Arizona housing market.

Tempe AZ homes for sale | Troy Erickson Realtor

After decreasing for three straight months, Tempe home sales has increased in the final month of 2022. Home sales in Tempe increased from 53 in November to 70 in December. This is the third straight year Tempe home sales has increased to end the year. With this increase, Tempe home sales are now -45.3% lower than they were in December of 2021. This is the lowest selling month for Tempe home sales in the last five years.

The number of new Tempe listings had increased each month in 2022 through June, going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe have either decreased or remained the same over the last six months, going from 189 in June down to 53 in December. New listings in Tempe are now lower than they have been in December of the previous five years, and they are now -46.5% lower than in December of 2021.

After increasing for five straight months, the number of active listings decreased the last three months. Active listings have gone from 288 in September to 203 to end the year. The number of active listings in Tempe are now greater than they were in December of last year by 21.6%.

Home prices are on a downward trend, home inventory is decreasing, and fewer homes are selling. We are also entering the slowest part of the housing season, which always impacts sales.

Median home values in Tempe have actually decreased an average of -1.5% since December of 2021. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory as the market shifts and we head into 2023.

>>Click Here To See All Current Tempe Arizona Homes For Sale<<

For more detailed stats on the Tempe Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Tempe real estate housing report - December 2022

Homes for sale in Tempe, AZ | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]

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Scottsdale AZ Real Estate Housing Market Report - December 2022

1/11/2023

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Scottsdale AZ Real Estate Housing Market Report - December 2022

After Scottsdale's average sales price reached a new all-time high of $1,499,763 in June, the average sales price has declined overall, and decreased in December to end 2022 at $1,350,065.

After remaining at $440/sf the last two months, the average price of Scottsdale homes per square foot decreased to $427/sf for this month. The average sold price per square foot in Scottsdale has now decreased in 5 out of the last 7 months.

Scottsdale days on market has increased for the third straight month, going from 51 DOM in September up to 75 DOM for December. This is the highest DOM for Scottsdale since January of 2021 when it was at 76 DOM. Scottsdale sales prices have been decreasing over the last 6 months, and homes are beginning to remain on the market longer. It seems like the market has become more balanced between buyers and sellers heading into 2023.

Scottsdale AZ homes for sale | Troy Erickson Realtor

After increasing in August, Scottsdale home sales have decreased the last four months in a row. Scottsdale home sales has gone from 322 in August to 238 in December. This is an extremely low number for December, as the average number of Scottsdale homes sold in December over the last two years has been over 566. Scottsdale home sales are now -52.3% lower than they were in December of 2021.

After increasing last month, the number of new Scottsdale listings has decreased three months in a row, going from 575 in September to 272 in December. This is now the lowest number of new Scottsdale listings in any December over the last five years. New listings this December are lower than in December of 2021 by -17.1%.

The number of active Scottsdale listings has decreased for the second straight month after increasing the previous seven months, going from 1,464 in October to 1,287 this month. Active Scottsdale listings are now 59.3% higher than in December of last year. Over the last six months it looks like there is a steady shift happening in the housing industry to a more balanced market.

Listings are still low overall and continue to drive demand, however, Scottsdale home prices have begun to drop as things are slowing down from the frenzied pace of 2020 through the first half of 2022. Home sales in Scottsdale are now occurring at a more regular pace while home inventory is still a little low.

Median home values in Scottsdale have increased an average of 0.7% since December of 2021. With interest rates hovering around 6.5%, the number of buyers looking to purchase Scottsdale homes should be around the same as the number of sellers as we head into the new year.

>>Click here to sell all current Scottsdale Arizona Homes For Sale<<

For more detailed stats on the Scottsdale Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Scottsdale real estate housing report - December 2022

Homes for sale in Scottsdale, AZ | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]

Scottsdale real estate | Troy Erickson Realtor | HomeSmart

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Phoenix AZ Real Estate Housing Market Report - December 2022

1/10/2023

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Phoenix AZ Real Estate Housing Market Report - December 2022

The average sales price of Phoenix homes has decreased for the second month in a row, going from $555,356 in October to $540,539 this month. The average sales price of Phoenix homes ended the year lower than where it started, at $552,890 in January. The average sales price for Phoenix homes in December is significantly lower than the all-time high of $621,488 that occurred in May of 2022.

The average sold price per square foot of Phoenix homes slightly decreased this month. The average sold price per square foot of Phoenix homes has gone from $317/sf in May to $277/sf in December. This is the seventh month in a row that the average sold price per square foot has remained the same or decreased.

The Phoenix days on market increased for the seventh straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 63 DOM in December. The DOM to sell a home in Phoenix is increasing, but a balanced market would expect to see an average DOM closer to 90. Homes in Phoenix are still selling, but at a slower pace than the previous two years of frenzied activity.

Phoenix AZ homes for sale | Troy Erickson Realtor

After decreasing three months in a row, Phoenix home sales increased in December, going from 759 in November to 800 this month. It is typical to see a slight increase in home sales as we head into the new year. With this most recent increase in Phoenix homes sold, total home sales for December are still down -47.7% from December of 2021.

After increasing for two straight months, new listings in Phoenix have now decreased for six consecutive months, going from 2,188 in June to 724 in December. This is now the lowest number of new listings in Phoenix over the last five years. With this recent decrease, the number of new Phoenix listings are -34.7% lower than in December of last year.

After increasing for the previous six months, the number of active Phoenix listings has now decreased three months in a row. Active Phoenix listings are still up from the first of the year, having gone from an all-time low of 1,637 in January to 2,871 in December to end the year. The inventory of Phoenix homes is now higher than in December of last year by 45.3%.

Fewer homeowners are listing their homes heading into winter, which is typical, and even with the decline in new listing, the number of listings is catching up with demand. Home sales are also decreasing due to higher prices, higher interest rates, and inflation. This is a sign that the housing market in Phoenix is shifting to where it is more balanced, and not such an intense seller's market.

With that said, median home values in Phoenix have actually decreased by -3.4% since December of 2021. This is the second straight time we have seen a year-over-year decrease. This has not happened in the last four years until now. With interest rates hovering around 6.5%, and inflation rising, the demand for homes will continue to slow as we enter the new year.

>>Click Here To See All Current Phoenix Arizona Homes For Sale<<

For more detailed stats on the Phoenix Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Phoenix real estate housing report - December 2022

Homes for sale in Phoenix, AZ | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]

Phoenix real estate | Troy Erickson Realtor | HomeSmart

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Mesa AZ Real Estate Housing Market Report - December 2022

1/8/2023

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Mesa AZ Real Estate Housing Market Report - December 2022

After increasing in October, the average sales price of homes in Mesa has decreased the last two months of 2022, going from $548,933 in October to $501,649 this month. This is the lowest it has been all year, as the average sales price in Mesa started at $527,742 in January.

The average sales price per square foot of Mesa homes has decreased seven straight months after remaining the same or increasing for 29 consecutive months. The price per square foot of Mesa homes has decreased from $294/sf in May to $251/sf in December. With the decreases over the last seven months the average sales price per square foot is now less than it was in December of last year by $2/sf. This is the first year-over-year decline in at least the last three years.

After decreasing for four consecutive months, the days on market for Mesa has also increased seven months in a row, going from 21 DOM in May to 62 DOM in December (almost tripling). The increasing days on market for Mesa is a sign that demand is slowing as we head into the new year.

Mesa AZ homes for sale | Troy Erickson Realtor

After decreasing two months in a row, home sales in Mesa have increased to end 2022, going from 311 in November to 368 this month. Total sales for December are the lowest they have been since before 2018. Mesa home sales this month are lower than in December of last year by -41.8%.

After increasing for two straight months, the number of new listings in Mesa have now decreased for six straight months, going from 882 in June to 297 in December. With this decrease of new listings in Mesa, they are now -43.9% lower than they were in December of last year. The number of homes being listed tends to trend lower this time of year, but they are more than 200 listings less than in December of the previous 2 years.

After increasing for seven straight months, the number of active listings in Mesa has decreased for the second straight month, going from 1,652 in October to 1,359 in December. Even with the decline, this is the highest inventory in December over the last four years.

This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale as we head into winter. The number of active listings is still 73.6% higher than they were in December of 2021.

Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic. Median home values in Mesa have decreased an average of -3.8% since December of 2021. This is the first decrease we have seen in at least 4 years, but probably even longer. With interest rates ranging right around 6.5%, the demand for purchasing a home in Mesa is slowing.

>>Click Here To See All Current Mesa Arizona Homes For Sale<<

For more detailed stats on the Mesa Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Mesa real estate housing report - December 2022

Homes for sale in Mesa, AZ | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]

Mesa real estate | Troy Erickson Realtor | HomeSmart

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Gilbert AZ Real Estate Housing Market Report - December 2022

1/7/2023

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Gilbert AZ Real Estate Housing Market Report - December 2022

The average sales price of Gilbert homes has increased after decreasing for six straight months, going from $620,532 in November to $622,718 for December. This is the third December in a row that sales prices in Gilbert have increased, but I think that the days of home price increases each month are over for a while. Sales prices just tend to increase every December, but the overall trend is downward.

After decreasing last month, the average sold price per square foot of Gilbert homes slightly increased in December, going from $273/sf in November to $274/sf in December. The overall trend over the last six months is still downward, as the Gilbert housing market seems to be slowing. The average sold price per square foot this month is now less than it was in December of 2021. This is the first time this has happened since at least before 2020.

After decreasing for 3 straight months, Gilbert days on market has now increased for seven months in a row, going from 20 DOM in May to 65 DOM in December. The Gilbert DOM has more than tripled in that time. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were earlier in the year, and throughout 2021.

This is the slowest time of season for the housing market in Arizona, but the home value increases from 2020 through the first half of 2022, plus the increased inventory of homes for sale and the increase in mortgage interest rates have also contributed to the slowdown in the Gilbert housing market.

Gilbert AZ homes for sale | Troy Erickson Realtor

After a surprising increase last month, Gilbert home sales saw a decrease in December, going from 241 in November to 178 this month. With this increase, Gilbert home sales are -49.4% lower than in December of 2021. This is the time of year when home sales typically start to decrease as we head into the new year. December home sales in Gilbert are significantly lower than they were in December of the last four years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert has now decreased the last six months after increasing for four straight months, going from 622 in June to 144 in December. With this decrease, it is the lowest number of Gilbert listings over the last 5 years. The number of new Gilbert listings in December is now -49.5% lower than the number of new listings in December of last year.

Home inventory has been rising in Gilbert since March but has decreased in the last three months. Gilbert inventory has more than doubled since the inventory of 353 in March, even with the decline over the last 3 months. Home sales have slowed, and home prices have been dropping, causing fewer homeowners to list their homes. The number of active listings sits at 731 for December. Active listings are now 85.5% higher than in December of last year.

Gilbert listings have caught up with demand and the rapid increase in home prices has now started to decline. Median home values in Gilbert have increased an average of just 1.7% since December of 2021 as mortgage interest rates remain around 6.5%. The Gilbert housing market is slowing as we head into the new year, which always signifies a slowdown in the housing market in Arizona.

>>Click Here To See All Current Gilbert Arizona Homes For Sale<<

For more detailed stats on the Gilbert Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.

Gilbert real estate housing report - December 2022

Homes for sale in Gilbert, AZ | Troy Erickson Realtor

"Real Estate is not just a job for me, it's about making a difference in the lives of others"

Serving East Valley cities, including Chandler, Gilbert, Tempe, Mesa, Phoenix, Scottsdale, and Ahwatukee

Troy Erickson Realtor | 3175 W. Stephens Place, Chandler, AZ 85226 | 602-295-6807 | [email protected]

Gilbert real estate | Troy Erickson Realtor | HomeSmart

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Chandler AZ Real Estate Housing Market Report - December 2022

1/6/2023

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Chandler AZ Real Estate Housing Market Report - December 2022

The average sales price of Chandler homes slightly increased to end 2022 after decreasing the previous two months, going from $584,576 in November to $588,327 in December. This is the fourth December in a row that sales prices in Chandler have increased, but I do not see this as a sign that the market is improving.

After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has now decreased for the seventh straight month. The average sales price has dropped from $315/sf in May to $272/sf in December. This is now a lower price per square foot of Chandler homes than it was a year ago in December of 2021.

The days on market has now also increased for the seventh straight month, going from an all-time low of 20 DOM in May to 70 DOM for December, more than tripling in seven months. Homes in Chandler are still selling, but they have certainly slowed down as we enter into the new year.

This is the slowest time of season for the housing market, but the home value increases from 2020 through the first half of 2022, plus the increased inventory of homes for sale and the increase in mortgage interest rates have also contributed to the slowdown in the Chandler housing market.

Chandler AZ homes for sale | Troy Erickson Realtor

After decreasing last month, Chandler home sales have increased to end 2022, going from 143 in November to 193 this month. The number of Chandler home sales is still lower than in December of last year by -40.8%. As we enter the winter season, home sales in Chandler typically tend to decrease, but December has seen an increase in home sales in 4 out of the last 5 years. Even with the higher home sales this month, homes sales are almost half of what they were in December of 2021, and significantly less than they have been over the last four years.

After increasing slightly in July, the number of new listings in Chandler has now decreased five months in a row, going from 421 in July to 133 in December. With this decrease new listings are now down -38.7% from December of last year. Demand was high and supply was low starting in 2020 and lasting through the first half of 2022, but the demand is slowing down due to higher home prices and interest rates, and therefore fewer homeowners are putting their homes on the market. The days of listing your home and getting multiple offers thousands of dollars over list price are over.

After increasing for eight straight months, more than doubling from 313 in January to 771 in September, active listings in Chandler have now decreased three months in a row and are down to 555 in December. Although home inventory is decreasing, this is the nineth month in a row that active listings have been higher than the same month last year. Even with this latest decrease, active listings in Chandler are still greater than last year's December listings by 62.8%.

The decline in the number of listings in Chandler over the last three months is another sign that the housing market is slowing, as demand has slowed, and fewer homeowners are putting their homes on the market.

Demand is slowing in Chandler, even though we saw an average price increase this month, as well as an increase in sales. Home prices have been declining since June of this year due to inflation, higher mortgage rates, and an increase of inventory, which has slowed buyer demand. Median home values in Chandler have increased an average of just 0.6% since December of 2021, but just a few months ago we were seeing increases year-over-year of 25.0% or higher.

Mortgage interest rates have been fairly stable sitting just below 6.5%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain as we head into the new year.

>>Click Here To See All Current Chandler Arizona Homes For Sale<<

For more detailed stats on the Chandler Housing Market, just click on the image below. Then call/text me when you are ready to buy or sell your next home.