Ahwatukee AZ Real Estate Housing Market Report - May 2023

6/28/2023

Ahwatukee AZ Real Estate Housing Market Report - May 2023

After reaching an all-time high of $701,303 in May of 2022, the average sales price of homes in Ahwatukee had fluctuated up and down but has been on a downward trend. The average sales price of Ahwatukee homes decreased for the second straight month going from $632,798 in March to $608,666 in May. This is the first May since 2020 that there has been a decrease in the average sales price of homes in Ahwatukee.

After increasing last month, the price per square foot of Ahwatukee homes decreased this month, going from $281/sf in April to $279/sf in May. This is the 7th month out of the last 10 that there has been a decrease in the average price per square foot of Ahwatukee homes.

After increasing 7 months in a row, the Ahwatukee days on market dropped for the 3rd straight month, going from 83 DOM in February to 51 DOM this month. There still should be demand for homes in Ahwatukee throughout the spring during the Arizona housing market busy season.

After decreasing the last two months Ahwatukee home sales increased this month, going from 75 in April to 92 in May. Home sales typically start to increase this time of year, but this is the lowest number of Ahwatukee home sales in May since at least before 2018. With this increase, Ahwatukee home sales are down -14.8% from May of 2022.

After increasing the last two months, the number of new listings in Ahwatukee decreased this month, going from 89 new listings in April to 74 in May. The number of new Ahwatukee listings are now -41.3% lower than they were in April of 2022.

After increasing for seven straight months, active listings in Ahwatukee have decreased the last 8 months, going from 299 in September of 2022 to 136 in May this year. With this decrease, the number of active Ahwatukee listings are now -9.9% lower than in May of 2022. May inventory in Ahwatukee is now the lowest it has been since March 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 -5.2% since May of 2022.

Even with interest rates remaining around 6.50%, 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.

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.

Ahwatukee real estate | Troy Erickson Realtor | HomeSmart

0 Comments

Tempe AZ Real Estate Housing Market Report - May 2023

6/27/2023

0 Comments

Tempe AZ Real Estate Housing Market Report - May 2023

After decreasing last month, the average sales price of Tempe homes saw a large increase this month, going from $519,685 in April to $584,163 in May. This is the 3rd increase in the last 4 months.

After decreasing the last two months the average sold price per square foot of Tempe homes has increased this month, going from $282/sf in April to $300/sf in May.

After Tempe days on market increased 8 months in a row, Tempe DOM has now decreased 3 months in a row, going from 79 DOM in February to 43 DOM in May. Homes in Tempe are still selling reasonably fast, and sales should pick up through the spring, which is typically the time of the year when the Arizona housing market picks up.

After remaining the same for 3 months between January and March, Tempe home sales increased for the second straight month. Home sales in Tempe went from 64 in March to 87 in May. Tempe home sales are now -25.6% lower than they were in May of 2022. This is the lowest number of home sales in May over the last 6 years.

The number of new Tempe listings finally decreased this month after increasing 4 months in a row, going from 90 in April to 71 in May. With this decrease, new listings in Tempe are lower than they have been in May of the previous five years, and they are now -54.8% lower than in May of 2022.

After decreasing for 7 straight months, the number of active listings has increased this month. Active listings have gone from 138 in April to 142 in May. Even with the increase, the number of active listings in Tempe are less than they were in May of last year by -17.0%. This is the first time active listings have been lower than they were in the same month the previous year since April of 2022.

Median home prices have slightly increased 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 -10.2% since May of 2022. Mortgage interest rates are hovering around 6.50%, 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 | [email protected]

Tempe real estate | Troy Erickson Realtor | HomeSmart

0 Comments

Scottsdale AZ Real Estate Housing Market Report - May 2023

6/25/2023

0 Comments

Scottsdale AZ Real Estate Housing Market Report - May 2023

After decreasing in March, the average sales price of Scottsdale homes has increased two months in a row, going from $1,346,089 in March, to $1,441,145 in May. This is the first time this year that the average sales price of Scottsdale homes has increased two straight months.

The average price of Scottsdale homes per square foot has increased for the second straight month, going from $436/sf in March to $456/sf in May. The average sold price per square foot in Scottsdale has increased in 3 out of the last 4 months.

After remaining exactly the same in February and March, Scottsdale days on market has decreased two months in a row, going from 77 DOM in March to 66 DOM this month. Inventory remains low, reducing the number of homes sold.

After decreasing last month, Scottsdale home sales have seen a fairly large increase this month. Scottsdale home sales have gone from 323 in April to 458 in May. Scottsdale home sales are now only -6.7% lower than they were in May of 2022.

The number of new Scottsdale listings has slightly decreased for the second straight month after slightly increasing in March. New Scottsdale listings went from 498 in March to 467 this month. This is usually the time of year we see an increase in new listings as we are in the busy housing market season. With this decrease, new listings this month are lower than the number of new Scottsdale listings last May by -39.0%.

The number of active Scottsdale listings has decreased after slightly increasing last month, going from 1,419 in April to 1,367 in May. Active Scottsdale listings have remained fairly steady since July of 2022, and are now 38.5% higher than in May 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 -1.2% since May of 2022. With interest rates hovering around 6.50%, 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 | [email protected]

Scottsdale real estate | Troy Erickson Realtor | HomeSmart

0 Comments

Phoenix AZ Real Estate Housing Market Report - May 2023

6/23/2023

0 Comments

Phoenix AZ Real Estate Housing Market Report - May 2023

The average sales price of Phoenix homes has increased for the 4th straight month after decreasing for 3 months previously, going from $522,613 in January to $593,640 in May. The average sales price for Phoenix homes in May 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 also increased for the 4th 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 $293/sf in May.

After increasing for 9 straight months, the Phoenix days on market has now decreased for the 3rd month in a row. The days on market went from 81 DOM in February down to 58 DOM in May. Homes in Phoenix are still selling, but at a slower pace than the previous 4 years of frenzied activity.

Phoenix home sales increased this month after decreasing last month, going from 962 in April to 1,153 in May. With this increase, total Phoenix home sales for May are down -12.7% from May of 2022.

After slightly increasing for the last two months, new listings in Phoenix slightly decreased this month, going from 1,088 in April to 1,082 in May. This is the lowest number of new Phoenix listings for May over the last five years (as this number should be closer to 1,800 right now). With this recent decrease, the number of new Phoenix listings are still -44.6% lower than in May of 2022.

After increasing for the previous six months, the number of active Phoenix listings has now decreased 8 months in a row. Active listings have dropped from 3,729 in September of 2022 to 2,021 in May. This is the first month that active Phoenix inventory is lower than the same month last year since April of 2022. The inventory of Phoenix homes is now lower than in May of last year by -2.6%.

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 -7.0% since May of 2022. This is the 7th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. Even with interest rates around 6.50%, 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 | [email protected]

Phoenix real estate | Troy Erickson Realtor | HomeSmart

0 Comments

Mesa AZ Real Estate Housing Market Report - May 2023

6/22/2023

0 Comments

Mesa AZ Real Estate Housing Market Report - May 2023

After decreasing for 4 months in a row, the average sales price of homes in Mesa has increased 3 consecutive months, going from $491,485 in February to $532,668 in May.

The average sales price per square foot of Mesa homes increased after decreasing last month. The price per square foot of Mesa homes went from $255/sf in April to $275/sf in May. The average sales price per square foot of homes in Mesa has increased or remained the same in 4 out of the last 5 months.

After increasing in March, the days on market for Mesa has decreased the last 2 months, going from 75 DOM in March to 65 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 last month, home sales in Mesa increased in May, going from 464 in April to 514 this month. Total sales for May are the lowest they have been in that month since before 2018. Mesa home sales this month are lower than in May of last year by -17.8%.

After decreasing last month, the number of new listings in Mesa increased this month, going from 420 in April to 449 in May. With this increase of new listings in Mesa, they are still -44.1% lower than they were in May of last year, and lower than any other May since at least before 2018.

After increasing for seven straight months, the number of active listings in Mesa has now decreased for the 7th straight month, going from 1,669 in October to 842 in May. With this decline, May inventory is now lower than it was last May.

This decline in active listings in Mesa signifies that fewer homeowners are putting their homes up for sale due to the higher interest rates. With the recent decline, the number of active listings is now -2.5% lower than they were in May of 2022. This is the first year-over-year decline since November of 2021.

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 -7.9% since May of 2022. This is the 6th 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%, 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 | [email protected]

Mesa real estate | Troy Erickson Realtor | HomeSmart

0 Comments

Gilbert AZ Real Estate Housing Market Report - May 2023

6/21/2023

0 Comments

Gilbert AZ Real Estate Housing Market Report - May 2023

The average sales price of Gilbert homes has decreased this month after increasing the last two months, going from $648,835 in April to $631,196 this month. This is the first time over the last 5 years that Gilbert sales prices in May have decreased.

The average sold price per square foot increased this month even though the average sales price decreased. The sold price per square foot increased from $271/sf in April to $275/sf in May. The overall trend has been downward since July of 2022. The average sold price per square foot this month is now less than it was in May of 2022 by -$30/sf. This is the 6th month in a row the sold price per square foot has been lower than the same month the previous year, and that had not happened prior to that since before 2020.

Gilbert days on market has now decreased for 3 months in a row, going from 87 DOM in February to 59 DOM in May. The Gilbert DOM is almost exactly 3 times as high as it was in May 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.

After seeing a decrease in Gilbert home sales last month, home sales in Gilbert increased this month, going from 291 in April to 316 in May. Gilbert home sales have now increased in 3 out of the last 4 months. With this increase, Gilbert home sales are still -9.7% lower than in May of 2022. May home sales in Gilbert are significantly lower than they have been for this month over the last 5 years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert slightly increased this month after slightly decreasing in April, going from 285 last month to 293 in May. This is the lowest number of Gilbert listings in May over the last 5 years. The number of new Gilbert listings in May is now -45.9% lower than the number of new listings in May of last year.

Home inventory increased in Gilbert between March and September but has now decreased the last 8 months. Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 8 months, inventory has gone back down from a high of 1,050 in September of 2022 to 513 in May. Even though inventory is decreasing, the number of active listings in Gilbert are still 1.8% higher than in May 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 -10.9% since May of 2022 as mortgage interest rates remain around 6.25%. This is the 6th month in a row there has been a decrease in home values year-over-year. Prior to the last 6 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.

"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

0 Comments

Chandler AZ Real Estate Housing Market Report - May 2023

6/15/2023

0 Comments

Chandler AZ Real Estate Housing Market Report - May 2023

The average sales price of Chandler homes increased for the second straight month, after decreasing in March, going from $599,307 in March to $648,212 this month. Prices have been inching up since January of this year.

After remaining the same in February and March, the average sales price per square foot of Chandler homes has also increased for the second straight month. The average sales price increased from $278/sf in March to $293/sf in May. This price is lower than the price per square foot of Chandler homes in May of 2022, by $22/sf.

The days on market has decreased for the third month in a row, going from 76 DOM in February to 58 DOM for May. Homes in Chandler are still selling, but they have certainly slowed down over the last year.

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

Chandler AZ homes for sale | Troy Erickson Realtor

After decreasing last month, Chandler home sales increased in May, going from 204 in April to 252 this month. The number of Chandler home sales is still lower than in May of last year by -18.4%. Even with the increase, this is the lowest home sales have been in May since before 2018.

The number of new listings in Chandler decreased after increasing the previous two months, going from 234 in April to 206 this month. With this decrease, new listings are down -52.6% from May of last year. This is the lowest number of new listings in May 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 8 months in a row and are down to 345 for May. With this decrease, active listings are now lower than the same month last year for the second month in a row. With this latest decrease, active listings in Chandler are less than last year's May listings by -20.3%.

The decline in the number of listings in Chandler over the last 8 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 around 6.0%.

Home prices have been slowly increasing throughout this year, and inflation and higher mortgage rates have slowed buyer demand. Median home values in Chandler have decreased an average of -9.3% since May of 2022. This is the 5th 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 holding steady the last few weeks right around 6.0%, 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.