Ahwatukee AZ Real Estate Housing Market Report - May 2023
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 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.
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