Ahwatukee AZ Real Estate Housing Market Report - March 2023

4/22/2023

Ahwatukee AZ Real Estate Housing Market Report - March 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 saw a significant increase this month. The average sales price of Ahwatukee homes increased from $522,575 in February to $632,870 in March. This is the 5th year in a row that the average sales price in March has increased.

After increasing last month, the price per square foot of Ahwatukee homes decreased this month, going from $272/sf in February to $270/sf in March. This is back to where it started in January, and the lowest it has been since October of 2021.

After increasing 7 months in a row, the Ahwatukee days on market dropped, going from 83 DOM in February to 63 DOM this month. There should still be some demand for homes in Ahwatukee throughout the spring as the Arizona housing market ramps up for the busy season.

After decreasing in December and January, Ahwatukee home sales have now increased the last two months, going from 51 in January to 81 in March. Home sales typically start to increase this time of year, but this is the lowest number of Ahwatukee home sales in March since at least before 2018. Even with this increase, Ahwatukee home sales are down -29.6% from March of 2022.

After decreasing last month, the number of new listings in Ahwatukee increased this month, going from 64 new listings in February to 82 in March. The number of new Ahwatukee listings are now -42.7% lower than they were in March of 2022.

After increasing for seven straight months, active listings in Ahwatukee have decreased the last 6 months, going from 299 in September of 2022 to 145 in March. With this decrease, the number of active Ahwatukee listings are still 29.5% higher than in March of 2022. March listings in Ahwatukee are now almost back down to where they were when inventory started increasing back in April of 2022.

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. Median home values in Ahwatukee have decreased an average of -2.5% since March of 2022.

Even with interest rates remaining around 6.25%, the demand from buyers looking to purchase homes in Ahwatukee should remain slightly higher than in a balanced market throughout the spring.

>>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.

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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 | TroyEricksonRealtor@gmail.com

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 - March 2023

4/21/2023

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Tempe AZ Real Estate Housing Market Report - March 2023

After slightly decreasing in January the average sales price of Tempe homes has increased the last two months, going from $521,542 in January to $530,096 in March. This is the 5th March in a row that Tempe average home prices have increased.

After increasing the last two months the average sold price per square foot of Tempe homes has decreased in March, going from $292/sf in February to $287/sf this month.

After Tempe days on market increased 8 months in a row Tempe DOM decreased this month, going from 79 DOM in February to 74 DOM in March. Homes in Tempe are still selling reasonably fast, and sales may pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.

After remaining the same between January and February, Tempe home sales slightly increased this month. Home sales in Tempe went from 64 in February to 65 in March. Tempe home sales are now -48.8% lower than they were in March of 2022. This is the lowest number of home sales in March over the last 6 years.

The number of new Tempe listings has increased for the third straight month, going from 54 in December of 2022 to 78 this March. Even with these increases, new listings in Tempe are lower than they have been in March of the previous five years, and they are now -35.5% lower than in March of 2022.

After increasing for 5 straight months, the number of active listings has now decreased the last 6 months. Active listings have gone from 288 in September to 161 in March. Even with the decline, the number of active listings in Tempe are greater than they were in March of last year by 28.8%.

Home prices have remained steady over the last 6 months while home inventory remains low. Homeowners are hesitant to sell their homes with such low mortgage interest rates because they will have to turn around and purchase a new home with mortgage rates double what they currently have.

Median home values in Tempe have actually decreased an average of -12.8% since March of 2022. Mortgage interest rates are hovering around 6.25%, and some experts say inflation is slowing. It looks like we are approaching a more balanced housing market in Tempe that should remain that way throughout 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 | TroyEricksonRealtor@gmail.com

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Scottsdale AZ Real Estate Housing Market Report - March 2023

4/20/2023

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Scottsdale AZ Real Estate Housing Market Report - March 2023

After a significant increase last month, the average sales price of Scottsdale homes saw a decrease this month, going from $1,451,930 in February, to $1,348,871 in March. The average sales price of Scottsdale homes has remained fairly steady over the last six months.

After increasing last month, the average price of Scottsdale homes per square foot has decreased this month, going from $446/sf in February to $436/sf in March. The average sold price per square foot in Scottsdale has only increased in 2 out of the last 10 months.

Scottsdale days on market remained exactly the same this month as in February, at 77 DOM. Scottsdale DOM has remained steady over the last 4 months. Home sales continue to increase this spring as inventory remains low.

After decreasing the last 5 months, Scottsdale home sales have increased for 2 straight months. Scottsdale home sales have gone from a six-year low of 205 in January to 422 in March. Scottsdale home sales are now -19.2% lower than they were in March of 2022.

The number of new Scottsdale listings has remained the same this month as it was in February, at 495. March usually sees a nice increase in new listings as it sort-of represents the start of the busy housing market season. However, the new listings this month are lower than the number of new Scottsdale listings last March by -21.4%.

The number of active Scottsdale listings decreased this month, going from 1,455 in February to 1,404 in March. Active Scottsdale listings have remained fairly steady since July of 2022, and are now 96.9% higher than in March of last year.

Listings are still low overall and continue to drive demand. Many Scottsdale homeowners do not want to list their homes and give up those low mortgage interest rates for today's rates. Home sales and inventory in Scottsdale are still low compared to a balanced market.

Median home values in Scottsdale have decreased an average of -9.1% since March of 2022. With interest rates hovering around 6.25%, the number of buyers looking to purchase Scottsdale homes should be a little higher than the number of sellers this 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 | TroyEricksonRealtor@gmail.com

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Phoenix AZ Real Estate Housing Market Report - March 2023

4/19/2023

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Phoenix AZ Real Estate Housing Market Report - March 2023

The average sales price of Phoenix homes has increased for the second straight month after decreasing for 3 months in a row, going from $522,613 in January to $565,920 in March. The average sales price for Phoenix homes in March is still 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 second straight month after decreasing for 9 months in a row. The average sold price per square foot of Phoenix homes has gone from $274/sf in January to $283/sf in March.

After increasing for 9 straight months, the Phoenix days on market decreased this month. The days on market went from 81 DOM in February down to 69 DOM in March. Homes in Phoenix are still selling, but at a slower pace than the previous 4 years of frenzied activity.

Phoenix home sales increased for the second straight month, going from 665 in January to 1,066 in March. With this increase, total Phoenix home sales for March are still down -31.4% from March of 2022.

After slightly decreasing last month, new listings in Phoenix slightly increased this month, going from 1,029 in February to 1,065 in March. This is the lowest number of new Phoenix listings for March over the last five years (as this number should be closer to double what it is right now). With this recent increase, the number of new Phoenix listings are still -38.7% lower than in March of 2022.

After increasing for the previous six months, the number of active Phoenix listings has now decreased 6 months in a row. Active listings have dropped from 3,726 in September of 2022 to 2,284 in March. Even with this decline, active Phoenix listings are higher this March than in March of the previous two years. The inventory of Phoenix homes is now higher than in March of last year by 36.2%.

Demand is still high due to the low number of homes on the market. Homeowners are locked into a very low mortgage interest rate and don't want to lose that when they sell.

With that said, median home values in Phoenix have decreased by -9.6% since March of 2022. This is the 5th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. With interest rates decreasing to just around 6.25%, the demand for homes will continue this spring.

>>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 | TroyEricksonRealtor@gmail.com

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Mesa AZ Real Estate Housing Market Report - March 2023

4/18/2023

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Mesa AZ Real Estate Housing Market Report - March 2023

After decreasing for 4 months in a row, the average sales price of homes in Mesa has increased this month, going from $491,497 in February to $514,639 in March.

The average sales price per square foot of Mesa homes also increased after remained the same between January and February. The price per square foot of Mesa homes went from $253/sf in February to $258/sf in March.

After decreasing last month, the days on market for Mesa has increased in March, going from 73 DOM in February to 75 DOM this month. Days on market for Mesa is relatively low compared to a more balanced housing market, but higher than it has been in the last 5 years for the spring.

After decreasing in January, home sales in Mesa have increased two months in a row, going from 350 in January to 568 in March. Total sales for March are still the lowest they have been in that month since before 2018. Mesa home sales this month are lower than in March of last year by -20.8%.

After decreasing last month, the number of new listings in Mesa increased this month, going from 444 in February to 507 in March. With this increase of new listings in Mesa, they are still -30.9% lower than they were in March of last year, and lower than any other March since at least before 2018.

After increasing for seven straight months, the number of active listings in Mesa has decreased for the 5th straight month, going from 1,667 in October to 1,031 in March. Even with the decline, this is the highest inventory in March over the last 3 years.

This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale due to the higher interest rates. Even with the recent decline, the number of active listings is still 48.3% higher than they were in March of 2022.

Demand is still high and the number of homes for sale is low. This is partially due to inflation as well as higher mortgage interest rates. Median home values in Mesa have decreased an average of -6.1% since March of 2022. This is the 4th decrease in a row. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 6.25%, fewer homeowners are putting their homes up for sale.

>>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 | TroyEricksonRealtor@gmail.com

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Gilbert AZ Real Estate Housing Market Report - March 2023

4/16/2023

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Gilbert AZ Real Estate Housing Market Report - March 2023

The average sales price of Gilbert homes increased in March after decreasing for two months in a row, going from $589,315 in February to $629,295 this month. This is the third February in a row that sales prices in Gilbert have increased. However, this is only the second time sales prices in Gilbert have increased in the last 10 months.

After remaining the same as January last month, the average sold price per square foot of Gilbert homes increased in March. The sold price per square foot increased from $263/sf in February to $273/sf in March but has only increased or remained the same in 5 of the last 10 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 March of 2022 by -$16/sf. This is the 4th month in a row the sold price per square foot has been lower than the same month the previous year, and it had not happened prior to that since before 2020.

After increasing for 9 straight months, Gilbert days on market decreased this last month, going from 87 DOM in February to 77 DOM in March. The Gilbert DOM is more than 3 times as high as it was in March of 2022. 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 now that it is springtime, but the increase in mortgage interest rates are keeping Gilbert homeowners from listing their homes.

Gilbert home sales saw an increase for the second straight month, going from 150 in January to 326 in March. With this increase, Gilbert home sales are still -26.6% lower than in March of 2022. March home sales in Gilbert are significantly lower than they have been in March over the last 5 years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert increased this month after decreasing in February, going from 261 last month to 294 in March. This is still the lowest number of Gilbert listings in March over the last 5 years. The number of new Gilbert listings in March is now -34.1% lower than the number of new listings in March of last year.

Home inventory increased in Gilbert between March and September but has now decreased the last 6 months. Gilbert inventory almost tripled between March and September, but after declining over the last 6 months, inventory has gone back down from a high of 1,049 in September of 2022 to 599 in March. Even though inventory is decreasing, the number of active listings in Gilbert are still 67.9% higher than in March of last year.

Gilbert listings have caught up with demand and the rapid increase in home prices has now started to level off. Median home values in Gilbert have decreased an average of -10.7% since March of 2022 as mortgage interest rates remain around 6.25%. This is the 3rd month in a row there has been a decrease in home values year-over-year. Prior to the last 3 months there was not a decrease in Gilbert home values in the same month year-over-year since before 2019. The demand for Gilbert housing this spring is still higher than the inventory of homes for sale.

>>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 - March 2023

"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 | TroyEricksonRealtor@gmail.com

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Chandler AZ Real Estate Housing Market Report - March 2023

4/15/2023

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Chandler AZ Real Estate Housing Market Report - March 2023

The average sales price of Chandler homes decreased in March, after increasing in February, going from $607,490 in February to $599,307 this month. This is the first March that sales prices in Chandler have decreased since March of 2020 when Covid-19 hit.

After increasing for the first time in 8 months in February, the average sales price per square foot of Chandler homes remained the same in March. The average sales price remained at $278/sf for the second straight month. This price is lower than the price per square foot of Chandler homes in March of 2022, by $28/sf.

After increasing last month, the days on market has decreased this month, going from 76 DOM in February to 72 DOM for March. Homes in Chandler are still selling, but they have certainly slowed down over the last 10 months.

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

Chandler home sales have increased for the second straight month, going from 152 in January to 239 this month. The number of Chandler home sales is still lower than in March of last year by -27.1%. Although home sales are increasing, which it typical for this time of year, they are the lowest sales in March since before 2018.

After decreasing last month, the number of new listings in Chandler increased in March, going from 195 in February to 210 this month. With this decrease, new listings are now down -44.9% from March of last year. This is the lowest number of new listings in March since before 2018.

After increasing for eight straight months, more than doubling from 313 in January to 773 in September of 2022, active listings in Chandler have now decreased 6 months in a row and are down to 382 for March. Although home inventory is decreasing, this is the 12th 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 17.9%.

The decline in the number of listings in Chandler over the last 6 months is another sign that the housing market is slowing. Fewer homeowners are putting their homes on the market partially because they are locked in at an interest rate lower than 3.5% and don't want to have to buy a home when interest rates are now over 6.0%.

Home prices have been holding steady the last 6 months, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -9.9% since March of 2022. This is the 3rd year-over-year decrease in a row after seeing nothing but increasing home prices from January 2019 through December 2022.

Mortgage interest rates have been decreasing the last several weeks down to just around 6.2%, and 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 enjoy 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.