Ahwatukee AZ Real Estate Housing Market Report - January 2023

2/21/2023

Ahwatukee AZ Real Estate Housing Market Report - January 2023

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 increased to begin the new year. The average sales price of Ahwatukee homes went from a new all-time low for 2022 of $531,644 in December to $563,061 in January. This is the first year since 2019 that the average sales price in Ahwatukee has decreased in January.

After increasing for the first six months of this year, the price per square foot of Ahwatukee homes has now decreased in 6 of the last 7 months, dropping from a high of $321/sf in June back down to $270/sf in January of 2023.

The Ahwatukee days on market has increased 6 months in a row, going from 28 DOM in July to 81 DOM in January. Ahwatukee DOM has almost tripled in the last 6 months. There should still be some demand for homes in Ahwatukee as we begin 2023, but this is typically the slowest part of the season for the Arizona housing market.

After increasing in November, Ahwatukee home sales have declined the last two months, going from 66 in November to 51 in January to start the new year. Home sales typically start to decline this time of year, but this is the lowest number of home sales in January over at least the last 6 years. With this decrease, Ahwatukee home sales are down -34.6% from January of 2022.

After decreasing three straight months, the number of new listings in Ahwatukee increased this month, going from 51 new listings in December to 67 in January. The number of new Ahwatukee listings are now -31.6% lower than they were in January of 2022.

After increasing for seven straight months, active listings in Ahwatukee have decreased the last 4 months, going from 299 in September to 179 in January. With this decrease, the number of active Ahwatukee listings is still 75.5% higher than in January of 2022. January listings in Ahwatukee are greater than they have been over the last two years.

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 -1.9% since January of 2022.

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 begin 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.

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.

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]

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.

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Tempe AZ Real Estate Housing Market Report - January 2023

2/19/2023

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Tempe AZ Real Estate Housing Market Report - January 2023

After slightly increasing last month the average sales price of Tempe homes decreased to begin 2023, going from $539,099 in December to $521,542 this month. This is the first January that Tempe average home prices have decreased since before at least 2019.

The average sold price per square foot of Tempe homes saw a nice increase in January, after decreasing the last two months, going from $270/sf in December to $278/sf in January.

After Tempe days on market reached an all-time low of 20 in May and June, it has increased 7 months in a row. Tempe DOM increased to 66 in January. Even with this increase, homes in Tempe are still selling reasonably fast. However, sales should slow down early in the new year, which is the slowest time of the year for the Arizona housing market.

After increasing last month to end 2022, Tempe home sales decreased to start the new year. Home sales in Tempe decreased from 70 in December to 64 in January. This is the third straight year Tempe home sales have decreased in January. With this decrease, Tempe home sales are now -41.8% lower than they were in January of 2022. This is the lowest selling January for Tempe home sales in the last five years.

New listings in Tempe have either decreased or remained the same the entire second half of 2022, going from 189 in June down to 54 in December. However, the number of new Tempe listings increased to start off 2023, going from 54 last month to 57 in January. New listings in Tempe are lower than they have been in January of the previous five years, and they are now -42.4% lower than in January of 2022.

After increasing for five straight months, the number of active listings decreased the last 4 months. Active listings have gone from 288 in September to 186 to start the new year. Even with the decline, the number of active listings in Tempe are greater than they were in January of last year by 36.8%.

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 -7.4% since January of 2022. With interest rates hovering around 6.5%, there will be a slowing of home sales and increasing of inventory early in the new year as the market shifts.

>>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.

"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 - January 2023

2/18/2023

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Scottsdale AZ Real Estate Housing Market Report - January 2023

After Scottsdale's average sales price reached a new all-time high of $1,499,763 in June, the average sales price has been on a downward trend, and has decreased two months in a row. The average sales price of Scottsdale homes has gone from $1,345,064 in December to $1,257,035 in January to start the new year.

The average price of Scottsdale homes per square foot has decreased for the second straight month, going from $439/sf last month to $431/sf for January. The average sold price per square foot in Scottsdale has now decreased in 6 out of the last 8 months.

Scottsdale days on market has decreased to begin the new year after increasing for three straight months, going from 76 DOM in December to 75 DOM in January. This is the second lowest DOM in January for Scottsdale over the last 6 years, with January of last year the only time the DOM was lower. It seems like the market has become more balanced between buyers and sellers as we begin 2023.

After increasing last August, Scottsdale home sales have decreased the last 5 months in a row. Scottsdale home sales have gone from 322 in August to 205 in January. This is an extremely low number for January, as the average number of Scottsdale homes sold in January over the last two years has been 444. Scottsdale home sales are now -47.6% lower than they were in January of 2022.

After decreasing for 3 straight months, the number of new Scottsdale listings has increased this month, going from 272 in December to 566 in January. This is higher than the number of new Scottsdale listings last January by -11.2%.

The number of active Scottsdale listings has decreased for the third straight month after increasing the previous seven months, going from 1,469 in October to 1,251 this month. Active Scottsdale listings are now 78.7% higher than in January 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 between 2020 through the first half of 2022. Home sales and inventory in Scottsdale are still low compared to a balanced market.

Median home values in Scottsdale have decreased an average of 1.6% since January of 2022. This is the first decrease year-over-year since June of 2019. 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 begin 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.

"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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Phoenix AZ Real Estate Housing Market Report - January 2023

2/17/2023

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Phoenix AZ Real Estate Housing Market Report - January 2023

The average sales price of Phoenix homes has decreased for the third month in a row, going from $555,285 in October to $522,736 to begin the new year. The average sales price of Phoenix homes started the year lower than where it started last January. The average sales price for Phoenix homes in January 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 decreased for the second straight month. The average sold price per square foot of Phoenix homes has gone from a high of $317/sf in May to $274/sf in January. This is the 8th 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 8th straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 71 DOM in January. 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.

After increasing last month to end 2022, Phoenix home sales decreased in January, going from 790 in December to 664 this month. This is typically the slowest month of the year, and with the most recent decrease in Phoenix homes sold, total home sales for January are down -41.9% from January of 2022.

After decreasing for 6 months in a row, new listings in Phoenix have increased to start 2023, going from 726 in December to 1,032 in January. This is still the lowest number of new Phoenix listings for January over the last five years. With this recent increase, the number of new Phoenix listings are still -25.1% lower than in January of 2022.

After increasing for the previous six months, the number of active Phoenix listings has now decreased 4 months in a row. Active Phoenix listings are higher this January than in January of the previous two years. The inventory of Phoenix homes is now higher than in January of last year by 58.9%.

Home sales are 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 -6.2% since January of 2022. This is the third 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 continuing to impact our economy, the demand for homes will continue to slow.

>>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.

"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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Mesa AZ Real Estate Housing Market Report - January 2023

2/16/2023

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Mesa AZ Real Estate Housing Market Report - January 2023

After increasing in October, the average sales price of homes in Mesa has decreased the last three months, going from $548,933 in October to $495,646 to start off the new year.

The average sales price per square foot of Mesa homes has actually increased in January after decreasing for seven straight months. The price per square foot of Mesa homes has increased from $251/sf in December to $253/sf in January. With the average sales price per square foot mostly decreasing throughout last year, it is now back to where it was in December of 2021.

After decreasing for four consecutive months, the days on market for Mesa has also increased 8 months in a row, going from 21 DOM in May to 73 DOM in January (more than tripling). The increasing days on market for Mesa is a sign that demand is slowing as we start the new year.

After increasing last month, home sales in Mesa have decreased to start 2023, going from 363 in December to 347 this month. Total sales for January are the lowest they have been in January since before 2018. Mesa home sales this month are lower than in January of last year by -25.5%.

After decreasing for 6 straight months, the number of new listings in Mesa significantly increased to start the new year, going from 303 in December to 491 in January. With this increase of new listings in Mesa, they are now -20.7% lower than they were in January of last year. The number of homes being listed tends to trend lower this time of year, but this increase may be a good sign for 2023.

After increasing for seven straight months, the number of active listings in Mesa has decreased for the third straight month, going from 1,659 in October to 1,217 in January. Even with the decline, this is the highest inventory in January since 2019.

This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale, which is typical this time of year, but we should see an increase next month based on the number of new listings in January. The number of active listings is still 68.8% higher than they were in January of 2022.

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 -5.3% since January of 2022. This is the second decrease in a row. Prior to that we had not seen a decrease in at least 4 years. 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.

"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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Gilbert AZ Real Estate Housing Market Report - January 2023

2/15/2023

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Gilbert AZ Real Estate Housing Market Report - January 2023

The average sales price of Gilbert homes decreased to start the new year, after slightly increasing to end 2022, going from $620,705 in December to $589,456 in January. This is the second January in a row that sales prices in Gilbert have decreased. Sales prices in Gilbert have declined in 6 out of the last 7 months.

After increasing last month, the average sold price per square foot of Gilbert homes slightly decreased in January, going from $274/sf in December to $263/sf to begin the new year. The sold price per square foot has decreased in 5 of the last 7 months. The overall trend is 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 January of 2022 by -$11/sf. This is the second month in a row this has happened, and it had not happened prior to that before 2020.

After decreasing for 3 straight months, Gilbert days on market has now increased for 8 months in a row, going from 20 DOM last May to 79 DOM in January. The Gilbert DOM has almost quadrupled in that time. Homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were in 2021 and midway through 2022.

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 greater inventory of homes for sale, and the increase in mortgage interest rates have also contributed to the slowdown in the Gilbert housing market.

Gilbert home sales saw a decrease for the second straight month, going from 177 in December to 150 in January. With this decrease, Gilbert home sales are -47.0% lower than in January of 2022. This is the slowest time of year for home sales. January home sales in Gilbert are significantly lower than they have been in January of the last 5 years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert shot up to start the new year after decreasing the previous six months, going from 144 in December to 290 in January. Even with this increase, this is the lowest number of Gilbert listings in January over the last 5 years. The number of new Gilbert listings in January is now -26.0% lower than the number of new listings in January of last year.

Home inventory increased in Gilbert between March and September but has decreased the last 4 months. Gilbert inventory almost tripled between March and September, but after declining over the last 4 months has gone back down from a high of 1,046 in September to 678 in January. Home sales have slowed, and home prices have been dropping, causing fewer homeowners to list their homes. The number of active listings in Gilbert are 77.5% higher than in January 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 decreased an average of -1.1% since January of 2022 as mortgage interest rates remain just below 6.5%. This is the first decrease in home values since before 2019. The Gilbert housing market is slowing as we begin 2023, which is typically the slowest time of the year for 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.

"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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Chandler AZ Real Estate Housing Market Report - January 2023

2/14/2023

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Chandler AZ Real Estate Housing Market Report - January 2023

The average sales price of Chandler homes slightly decreased to start 2023, after increasing in December, going from $590,913 in December to $585,004 in January. This is the second January in a row that sales prices in Chandler have decreased to begin a new year.

After decreasing for 7 consecutive months, the average sales price per square foot of Chandler homes remained exactly the same in January as it was in December. The average sales price remained at $272/sf. This price is lower than the price per square foot of Chandler homes last year, in January of 2022, by $6/sf.

After increasing for 7 straight months, the days on market has now decreased to begin 2023, going from 69 DOM in December to 66 DOM for January. Homes in Chandler are still selling, but they have certainly slowed down over the last 8 months, and as we begin 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.

After increasing last month, Chandler home sales have decreased to begin 2023, going from 194 in December to 150 this month. The number of Chandler home sales is still lower than in January of last year by -30.6%. January is typically the slowest for home sales in Chandler. This is the lowest number of homes sold in January since before 2018.

After decreasing the last 5 months, the number of new listings in Chandler increased in January, going from 136 in December to 218 in January. With this increase new listings are now down -24.3% from January of last year. Even with this increase, this is the lowest number of new listings in January since before 2018.

Demand was high, and supply was low starting in 2020 and lasting through the first half of 2022, but the demand has been 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 4 months in a row and are down to 522 to start off the new year in January. Although home inventory is decreasing, this is the 10th 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 January listings by 66.8%.

The decline in the number of listings in Chandler over the last 4 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. 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 decreased an average of -1.9% since January of 2022. This is the first decrease in year-over-year home values in 4 years, since January of 2019.

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.