Ahwatukee AZ Real Estate Housing Market Report - February 2023

3/29/2023

Ahwatukee AZ Real Estate Housing Market Report - February 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 most recently decreased this last month. The average sales price of Ahwatukee homes decreased from $563,061 in January to $520,893 in February. This is the first February in the last 5 years that the average sales price in Ahwatukee has decreased.

After decreasing the last four months, the price per square foot of Ahwatukee homes has now increased this month, going from $270/sf in January up to $273/sf in February.

After increasing 6 months in a row, the Ahwatukee days on market went unchanged between January and February, remaining at 81 DOM this month. Ahwatukee DOM has almost tripled in the last 7 months. There should still be some demand for homes in Ahwatukee as we head into the spring as the Arizona housing market ramps up for the busy season.

After decreasing the last two months, Ahwatukee home sales have increased this month, going from 51 in January to 73 in February. Home sales typically start to increase this time of year, but this is the lowest number of Ahwatukee home sales in February over at least the last 6 years. Even with this increase, Ahwatukee home sales are down -28.4% from February of 2022.

After increasing last month, the number of new listings in Ahwatukee slightly decreased this month, going from 67 new listings in January to 63 in February. The number of new Ahwatukee listings are now -40.0% lower than they were in February of 2022.

After increasing for seven straight months, active listings in Ahwatukee have decreased the last 5 months, going from 299 in September to 172 in February. With this decrease, the number of active Ahwatukee listings are still 73.7% higher than in February of 2022. February 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 -15.7% since February of 2022.

Even with interest rates remaining just below 7.0%, the demand from buyers looking to purchase homes in Ahwatukee should remain slightly higher than in a balanced market as we head into the spring. 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.

If you're thinking of buying a home, connect with me to begin your journey to homeownership.

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.

0 Comments

Tempe AZ Real Estate Housing Market Report - February 2023

3/27/2023

0 Comments

Tempe AZ Real Estate Housing Market Report - February 2023

After slightly decreasing last month the average sales price of Tempe homes increased in February, going from $521,542 in January to $527,767 this month. This is the third February out of the last four that Tempe average home prices have increased.

The average sold price per square foot of Tempe homes has increased for the second straight month, after decreasing the last two months, going from $270/sf in December to $292/sf in February.

After Tempe days on market reached an all-time low of 20 in May and June, it has increased 8 months in a row. Tempe DOM increased to 79 in February. Even with this increase, homes in Tempe are still selling reasonably fast. However, sales may pick up as we head into spring, which is typically the time of the year when the Arizona housing market picks up.

After decreasing last month, Tempe home sales remained the same for February. Home sales in Tempe remained the same as January at 64 in February. Tempe home sales also decreased last February, and Tempe home sales are now -38.4% lower than they were in February of 2022. This is the lowest number of home sales in February for Tempe since before 2018.

The number of new Tempe listings has increased for the second straight month, going from 54 in December of 2022 to 72 this February. Even with these increases, new listings in Tempe are lower than they have been in February of the previous five years, and they are now -30.8% lower than in February of 2022.

After increasing for five straight months, the number of active listings has now decreased the last 5 months. Active listings have gone from 288 in September to 182 in February. Even with the decline, the number of active listings in Tempe are greater than they were in February of last year by 41.1%.

Home prices are on a downward trend, home inventory is decreasing, and fewer homes are selling. We are starting to pull out of the slowest part of the housing season, so we will see how this will impacts home sales and home inventory.

Median home values in Tempe have actually decreased an average of -7.1% since February of 2022. Mortgage interest rates are hovering around 7.0%, although some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way as we head into the spring.

>>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]

0 Comments

Scottsdale AZ Real Estate Housing Market Report - February 2023

3/26/2023

0 Comments

Scottsdale AZ Real Estate Housing Market Report - February 2023

The average sales price of Scottsdale homes saw a significant increase this month, going from $1,257,035 in January, to $1,451,930 in February. This is the highest average sales price month since Scottsdale reached the all-time high of $1,499,763 in June of 2022.

After decreasing or remaining the same for 3 straight months, the average price of Scottsdale homes per square foot has increased, going from $431/sf last month to $446/sf for February. The average sold price per square foot in Scottsdale has only increased in 2 out of the last 9 months.

Scottsdale days on market has decreased last month, but increased again in February, going from 75 DOM in January to 77 DOM this month. This is the highest DOM in February for Scottsdale since 2019, as the Scottsdale DOM has increased in 7 of the last 9 months. It seems like the market is becoming more balanced between buyers and sellers as we head into the spring.

After decreasing the last 5 months, Scottsdale home sales have increased in February. Scottsdale home sales have gone from a six-year low of 205 in January to 275 this month. This is an extremely low number for February, as the average number of Scottsdale homes sold in February over the last two years has been 491. Scottsdale home sales are now -36.0% lower than they were in February of 2022.

After increasing last month, the number of new Scottsdale listings has decreased this month, going from 571 in January to 494 in February. This is lower than the number of new Scottsdale listings last February by -4.6%.

The number of active Scottsdale listings has increased this month after decreasing the previous three months, going from 1,265 in January to 1,445 in February. Active Scottsdale listings are now 97.7% higher than in February of last year. This is the highest inventory in February since February of 2020.

Listings are still low overall and continue to drive demand. Scottsdale home prices saw a good increase this month, and we will have to see if that continues through the spring housing season. Home sales and inventory in Scottsdale are still low compared to a balanced market.

Median home values in Scottsdale have increased an average of 10.0% since February of 2022. With interest rates hovering around 7.0%, the number of buyers looking to purchase Scottsdale homes should be around the same as the number of sellers as we begin entering the spring.

>>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]

0 Comments

Phoenix AZ Real Estate Housing Market Report - February 2023

3/25/2023

0 Comments

Phoenix AZ Real Estate Housing Market Report - February 2023

The average sales price of Phoenix homes has increased this month after decreasing for 3 months in a row, going from $522,613 in January to $526,060 in February. The average sales price for Phoenix homes in February 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 increased for the first time in 9 months. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $279/sf in February.

The Phoenix days on market increased for the 9th straight month after decreasing the four previous months. The days on market has almost tripled from 24 DOM in May to 81 DOM in February. 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 decreasing last month to start 2023, Phoenix home sales increased in February, going from 665 in January to 881 this month. With this increase in Phoenix homes sold, total home sales for February are still down -31.7% from February of 2022.

After increasing last month, new listings in Phoenix slightly decreased this month, going from 1,036 in January to 1,020 in February. This is the lowest number of new Phoenix listings for February over the last five years. With this recent decrease, the number of new Phoenix listings are -28.6% lower than in February of 2022.

After increasing for the previous six months, the number of active Phoenix listings has now decreased 5 months in a row. Even with this decline, active Phoenix listings are higher this February than in February of the previous two years. The inventory of Phoenix homes is now higher than in February of last year by 52.6%.

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 decreased by -9.8% since February of 2022. This is the fourth straight time we have seen a year-over-year decrease. This has not happened in the last four previous years. With interest rates hovering just below 7.0%, 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]

0 Comments

Mesa AZ Real Estate Housing Market Report - February 2023

3/24/2023

0 Comments

Mesa AZ Real Estate Housing Market Report - February 2023

After increasing in October, the average sales price of homes in Mesa has decreased 4 months in a row, going from $548,933 in October to $491,522 in February.

The average sales price per square foot of Mesa homes remained the same in February as in January. The price per square foot of Mesa homes remains at $253/sf for February. 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 increasing for 8 consecutive months, the days on market for Mesa has decreased in February, going from 74 DOM in January to 72 DOM this month. This may mean that days on market for Mesa is leveling off as we enter the spring.

After decreasing last month, home sales in Mesa have increased in February, going from 350 in January to 411 this month. Total sales for February are still the lowest they have been in February since before 2018. Mesa home sales this month are lower than in February of last year by -23.3%.

After increasing last month, the number of new listings in Mesa decreased this month, going from 497 in January to 444 in February. With this decrease of new listings in Mesa, they are now -22.4% lower than they were in February of last year, and lower than any other February since at least before 2018.

After increasing for seven straight months, the number of active listings in Mesa has decreased for the 4th straight month, going from 1,665 in October to 1,156 in February. Even with the decline, this is the highest inventory in February 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 as we near the spring season. Even with the recent decline, the number of active listings is still 61.2% higher than they were in February of 2022.

Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic, as well as rising mortgage interest rates. Median home values in Mesa have decreased an average of -0.6% since February of 2022. This is the third decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right below 7.0%, 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]

0 Comments

Gilbert AZ Real Estate Housing Market Report - February 2023

3/23/2023

0 Comments

Gilbert AZ Real Estate Housing Market Report - February 2023

The average sales price of Gilbert homes decreased for the second month in a row, after slightly increasing to end 2022, going from $620,705 in December to $588,495 in February. This is the first February that sales prices in Gilbert have decreased since February of 2019. Sales prices in Gilbert have declined in 8 out of the last 9 months.

After decreasing last month, the average sold price per square foot of Gilbert homes remained the same between January and February, at $263/sf. The sold price per square foot has decreased or remained the same in 6 of the last 8 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 February of 2022 by -$23/sf. This is the third month in a row this has happened, and it had not happened prior to that since before 2020.

After decreasing for 3 straight months, Gilbert days on market has now increased for 9 months in a row, going from 20 DOM last May to 87 DOM in February. 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.

Things should be picking up in Arizona as we near spring, but home values are trending downward, and the increase in mortgage interest rates are both contributing to the slowdown in the Gilbert housing market.

Gilbert home sales saw an increase this month, going from 150 in January to 218 in February. With this increase, Gilbert home sales are still -37.7% lower than in February of 2022. February home sales in Gilbert are significantly lower than they have been in February over the last 5 years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert decreased this month after increasing in January, going from 294 last month to 259 in February. This is the lowest number of Gilbert listings in February over the last 5 years. The number of new Gilbert listings in February is now -30.4% lower than the number of new listings in February of last year.

Home inventory increased in Gilbert between March and September but has now decreased the last 5 months. Gilbert inventory almost tripled between March and September, but after declining over the last 5 months, inventory has gone back down from a high of 1,046 in September to 655 in February. Home prices have been dropping and interest rates are rising, causing fewer homeowners to list their homes. Even though inventory is decreasing, the number of active listings in Gilbert are still 71.9% higher than in February 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 -8.3% since February of 2022 as mortgage interest rates remain just below 7.0%. This is the second decrease in home values year-over-year since before 2019. The Gilbert housing market is slowing as we enter the spring, so we will have to wait and see if the Arizona housing market picks up.

>>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]

0 Comments

Chandler AZ Real Estate Housing Market Report - February 2023

3/22/2023

0 Comments

Chandler AZ Real Estate Housing Market Report - February 2023

The average sales price of Chandler homes increased in February, after decreasing in January, going from $584,300 in January to $607,490 this month. This is at least the 5th February in a row that sales prices in Chandler have increased.

After decreasing or remaining the same for 8 consecutive months, the average sales price per square foot of Chandler homes increased in February. The average sales price increased from $272/sf last month to $278/sf in February. This price is lower than the price per square foot of Chandler homes in February of 2022, by $13/sf.

After decreasing last month, the days on market has increased this month, going from 67 DOM in January to 75 DOM for February. Homes in Chandler are still selling, but they have certainly slowed down over the last 9 months.

This is the time of season where the housing market starts to pick up as spring is right around the corner.

After decreasing last month, Chandler home sales have increased in February, going from 152 in January to 193 this month. The number of Chandler home sales is still lower than in February of last year by -30.6%. February is typically the beginning of increasing home sales for the new year in Chandler, however, this February is the lowest number of homes sold in February since before 2018.

After increasing last month, the number of new listings in Chandler decreased in February, going from 218 in January to 191 this month. With this decrease, new listings are now down -35.3% from February of last year. This is the lowest number of new listings in February 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 5 months in a row and are down to 447 in February. Although home inventory is decreasing, this is the 11th 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 February listings by 40.1%.

The decline in the number of listings in Chandler over the last 5 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 trending lower since June of last year due to inflation and higher mortgage rates, which has slowed buyer demand. Median home values in Chandler have decreased an average of -8.8% since February of 2022. This is the second decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.

Mortgage interest rates have risen to just below 7.0%, although some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Chandler that should remain that way as we head into the spring.

>>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.