Ahwatukee AZ Real Estate Housing Market Report - June 2023

7/28/2023

Ahwatukee AZ Real Estate Housing Market Report - June 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 3rd straight month going from $632,798 in March to $582,410 in June.

After decreasing last month, the price per square foot of Ahwatukee homes increased this month, going from $279/sf in May to $288/sf in June. 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 4th straight month, going from 83 DOM in February to 34 DOM this month. There still should be demand for homes in Ahwatukee throughout the spring during the Arizona housing market busy season.

After increasing last month Ahwatukee home sales slightly decreased this month, going from 92 in May to 85 in June. Home sales typically start to increase this time of year, but this is the lowest number of Ahwatukee home sales in June since at least before 2018. With this decrease, Ahwatukee home sales are down -12.4% from June of 2022.

After decreasing last month, the number of new listings in Ahwatukee slightly increased this month, going from 74 new listings in May to 77 in June. The number of new Ahwatukee listings are now -54.7% lower than they were in June of 2022.

After increasing for seven straight months, active listings in Ahwatukee have decreased the last 9 months in a row, going from 299 in September of 2022 to 127 in June this year. With this decrease, the number of active Ahwatukee listings are now -33.9% lower than in June of 2022. June 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 -9.6% since June of 2022.

Even with interest rates remaining around 6.7%, 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.

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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.

Ahwatukee real estate | Troy Erickson Realtor | HomeSmart

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Tempe AZ Real Estate Housing Market Report - June 2023

7/27/2023

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Tempe AZ Real Estate Housing Market Report - June 2023

After significantly increasing last month, the average sales price of Tempe homes saw a decrease this month, going from $584,163 in May to $556,250 in June. This is the 3rd decrease in the last 6 months.

After increasing last month, the average sold price per square foot of Tempe homes has slightly decreased this month, going from $300/sf in May to $297/sf in June.

After Tempe days on market decreased 3 months in a row, Tempe DOM has increased, going from 43 DOM in May to 52 DOM in June. 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 increasing the last two months, home sales in Tempe decreased this month, going from 87 in May to 78 in June. Tempe home sales are now -36.6% lower than they were in June of 2022. This is the lowest number of home sales in June over the last 6 years.

After decreasing last month, the number of new Tempe listings increased this month, going from 71 in May to 95 in June. Even with this increase, new listings in Tempe are lower than they have been in June of the previous five years, and they are now -49.7% lower than in June of 2022.

After slightly increasing last month, the number of active listings has decreased this month. Active listings have gone from 142 in May to 136 in June. With the decrease, the number of active listings in Tempe are less than they were in June of last year by -32.0%. This is the second straight 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 almost double what they currently have.

Median home values in Tempe have actually decreased an average of -8.8% since June of 2022. Mortgage interest rates are hovering around 6.7%, 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

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Scottsdale AZ Real Estate Housing Market Report - June 2023

7/26/2023

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Scottsdale AZ Real Estate Housing Market Report - June 2023

After decreasing in March, the average sales price of Scottsdale homes has increased for the 3rd month in a row, going from $1,346,089 in March, to $1,497,530 in June. This is the first time this year that the average sales price of Scottsdale homes has increased 3 straight months and is now just a few thousand dollars from the all-time high of $1,499,763 it reached in June of 2022.

The average price of Scottsdale homes per square foot has also increased for the 3rd straight month, going from $436/sf in March to $457/sf in June. The average sold price per square foot in Scottsdale has increased in 4 out of the last 5 months.

After decreasing two months in a row, Scottsdale days on market has increased this month, going from 66 DOM in May to 69 DOM this month. Inventory remains low, reducing the number of homes sold.

After increasing last month, Scottsdale home sales have seen a slight decrease this month. Scottsdale home sales have gone from 457 in May to 450 in June. Scottsdale home sales are now 6.7% greater than they were in June of 2022. This is the first time home sales in Scottsdale were greater than the same month last year since June of 2021.

The number of new Scottsdale listings has slightly decreased for the 3rd straight month after slightly increasing in March. New Scottsdale listings went from 498 in March to 432 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 June by -39.3%.

The number of active Scottsdale listings has decreased for the second straight month after slightly increasing in April, going from 1,423 in April to 1,233 in June. Active Scottsdale listings have remained fairly steady since July of 2022, and are now 1.1% higher than in June 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 a little low compared to a balanced market.

Median home values in Scottsdale have decreased an average of -4.3% since June of 2022. With interest rates hovering around 6.7%, 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

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Phoenix AZ Real Estate Housing Market Report - June 2023

7/21/2023

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Phoenix AZ Real Estate Housing Market Report - June 2023

The average sales price of Phoenix homes has decreased after increasing for 4 straight months, going from $594,085 in May to $578,443 in June. The average sales price for Phoenix homes in June 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 5th 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 $295/sf in June.

After increasing for 9 straight months, the Phoenix days on market has now decreased for the 4th month in a row. The days on market went from 81 DOM in February down to 49 DOM in June. Homes in Phoenix are still selling fast, but slower than the frenzied activity we saw in 2021 and the first half of 2022.

Phoenix home sales decreased this month after increasing last month, going from 1,151 in May to 961 in June. With this decrease, total Phoenix home sales for June are down -18.3% from June of 2022.

After slightly increasing in March and April, new listings in Phoenix slightly decreased for the second straight month, going from 1,087 in April to 1,041 in June. This is way below the number of new Phoenix listings for June 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 -52.4% lower than in June of 2022.

After increasing for the previous six months, the number of active Phoenix listings has now decreased 9 months in a row. Active listings have dropped from 3,729 in September of 2022 to 1,907 in June. This is the second 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 June of last year by -30.3%.

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 -4.2% since June of 2022. This is the 8th straight month we have seen a year-over-year decrease. This has not happened in the previous 4 years. Even with interest rates around 6.7%, 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

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Mesa AZ Real Estate Housing Market Report - June 2023

7/20/2023

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Mesa AZ Real Estate Housing Market Report - June 2023

After decreasing for 4 months in a row, the average sales price of homes in Mesa has increased 4 consecutive months, going from $491,485 in February to $554,727 in June.

The average sales price per square foot of Mesa homes decreased after increasing last month. The price per square foot of Mesa homes went from $275/sf in May back down to $263/sf in June. The average sales price per square foot of homes in Mesa has increased or remained the same in 4 out of the last 6 months, but is lower than the same time last year by $28/sf.

After increasing in March, the days on market for Mesa has decreased the last 3 months, going from 75 DOM in March to 54 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 this time of year.

After increasing last month, home sales in Mesa decreased in June, going from 514 in May to 467 this month. Total sales for June are the lowest they have been in that month since before 2018. Mesa home sales this month are lower than in June of last year by -17.2%.

After decreasing in April, the number of new listings in Mesa increased for the second straight month, going from 420 in April to 466 in June. With this increase of new listings in Mesa, they are still -47.2% lower than they were in June of last year, and lower than any other June since at least before 2018.

After increasing for seven straight months, the number of active listings in Mesa has now decreased for the 8th straight month, going from 1,669 in October to 765 in June. With this decline, June inventory is now lower than it was the same month last year but still slightly higher than the inventory in June of 2021.

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 -31.8% lower than they were in June of 2022. This is the second 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 just -1.0% since June of 2022. This is the 7th decrease in a row but is not much of a change. Prior to that we had not seen a decrease in at least 4 years. With interest rates ranging right around 6.7%, 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

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Gilbert AZ Real Estate Housing Market Report - June 2023

7/19/2023

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Gilbert AZ Real Estate Housing Market Report - June 2023

The average sales price of Gilbert homes increased this month after decreasing last month, going from $631,161 in May to $650,339 this month. Gilbert sales prices have been trending slightly upward so far this year.

The average sold price per square foot barely decreased this month even though the average sales price increased. The sold price per square foot decreased from $275/sf in May to $274/sf in June. 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 June of 2022 by -$36/sf. This is the 7th 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 4 months in a row, going from 87 DOM in February to 44 DOM in June. The Gilbert DOM is now very close to where it was in June of 2019 and 2020. 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 in April, home sales in Gilbert have increased for two consecutive months, going from 291 in April to 346 in June. Gilbert home sales have now increased in 4 out of the last 5 months. With this increase, Gilbert home sales are still -6.0% lower than in June of 2022. Home sales in Gilbert are pretty close to where they were during this month last year.

The number of new listings in Gilbert slightly increased again this month, making this the second increase in a row, going from 285 in April to 306 in June. This is still the lowest number of Gilbert listings in June over the last 5 years by a lot. The number of new Gilbert listings in June is now -50.8% lower than the number of new listings in June of last year.

Home inventory increased in Gilbert between March and September but has now decreased the last 9 months. Gilbert inventory almost tripled between March and September of 2022, but after declining over the last 9 months, inventory has gone back down from a high of 1,050 in September of 2022 to 461 in June. As inventory has been decreasing this entire year, the number of active listings in Gilbert are now -33.6% lower than in June of last year.

Gilbert listings have almost caught up with demand and the rapid increase in home prices has started to level off due to the rising interest rates. Median home values in Gilbert have decreased an average of -5.5% since June of 2022 as mortgage interest rates remain around 6.70%. This is the 7th month in a row there has been a decrease in home values year-over-year. Prior to the last 7 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

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Chandler AZ Real Estate Housing Market Report - June 2023

7/18/2023

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Chandler AZ Real Estate Housing Market Report - June 2023

The average sales price of Chandler homes decreased quite a bit this month after increasing the last two months, going from $648,132 in May to $608,524 in June. Prices are still up overall since January of this year.

After increasing for two months in a row, the average sales price per square foot of Chandler homes decreased this month. The average sales price decreased from $293/sf in May to $288/sf in June. This price is lower than the price per square foot of Chandler homes in June of 2022, by $23/sf.

The days on market has decreased for the fourth month in a row, going from 76 DOM in February to 37 DOM for June. The DOM has been reduced by half in just 4 months, and homes in Chandler are selling almost as fast as this time last year.

This is the time of year that typically signifies the peak of the housing season.

After increasing last month, Chandler home sales decreased in June, going from 252 in May to 226 this month. The number of Chandler home sales is still lower than in June of last year by -14.4%. Even with the increase, this is the lowest home sales have been in June since before 2018.

The number of new listings in Chandler decreased for the second straight month after increasing the previous two months, going from 234 in April to 199 in June. With this decrease, new listings are down -52.6% from June of last year. This is the lowest number of new listings in June 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 9 months in a row and are down to 306 for June. With this decrease, active listings are now lower than the same month last year for the third month in a row. With this latest decrease, active listings in Chandler are less than last year's June listings by -43.6%.

The decline in the number of listings in Chandler over the last 9 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 7.0%.

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 -5.6% since June of 2022. This is the 6th 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 6.7%, 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 enter the summer.

>>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.