Ahwatukee AZ Real Estate Housing Market Report - August 2022

9/21/2022

Ahwatukee AZ Real Estate Housing Market Report - August 2022

After reaching an all-time high of $701,303 in May, the average sales price of homes in Ahwatukee decreased two months in a row. This month the average sales price of homes in Ahwatukee has increased back up to $636,529 from $612,860 in July.

After increasing for six straight months, the price per square foot of Ahwatukee homes has decreased for two months in a row, going from $321/sf in June to $288/sf in August. Even with this decrease the average sold price per square foot of Ahwatukee homes has increased 15 times out of the last 19 months.

After decreasing last month, the Ahwatukee days on market has increased from 28 DOM in July to 38 DOM in August. Although it has increased from the all-time low of 22 DOM in August of 2021, 38 DOM is still a very low number. There should still be a demand for homes in Ahwatukee as we head into the fall and the slower season for the housing market.

Ahwatukee AZ homes for sale | Troy Erickson Realtor

After increasing for three months, Ahwatukee home sales have decreased for the fourth straight month. Home sales in Ahwatukee have decreased from 121 in April to 64 in August. This ties for the lowest number of Ahwatukee home sales in the last five years (January of 2019). With this decrease, Ahwatukee home sales are now down -42.3% from August of 2021.

After increasing last month, the number of new listings in Ahwatukee decreased for the second month in a row, going from 170 new listings in June to 106 this month. The number of new Ahwatukee listings are now -26.9% lower than they were in August of 2021. This is the lowest number of August listings in Ahwatukee since before 2018.

After decreasing for three months, active listings in Ahwatukee have now increased for the sixth straight month, going from 99 in February to 282 in August (almost tripling). With this increase, the number of active Ahwatukee listings is 67.9% higher than in August of 2021. It is the third straight month that Ahwatukee monthly listings have been greater than that same month in the previous year.

There has been a lower-than-normal inventory of Ahwatukee homes for sale for quite some time, but inventory has rapidly increased in the last six months. Homes that are listed in Ahwatukee continue to sell fast, but you can see it slowing down. Median home values in Ahwatukee have increased an average of 12.9% since August of 2021. With interest rates around 5.5%, the demand from buyers looking to purchase homes in Ahwatukee should remain through the fall of 2022, but it is slowing as inventory rises and 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.

Ahwatukee real estate housing report - August 2022

When you're ready to buy, sell (or both), or invest in East Valley real estate, reach out to me so we can put your plans into motion. With low mortgage rates leading the way, it's a great time to take advantage of your position in today's market.

If you're thinking of selling, many buyers will be eager to find a home just like yours due to the low inventory of available homes for sale. Reach out to me today to make sure you can get your house in on the action.

If you're thinking of buying a home, more homes are being listed for sale, and interest rates remain at historically low rates. Being a trusted real estate professional, I can answer your questions and help you determine your next steps.

Homes for sale in Ahwatukee, AZ | Troy Erickson Realtor

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.

Ahwatukee real estate | Troy Erickson Realtor | HomeSmart

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Tempe AZ Real Estate Housing Market Report - August 2022

9/20/2022

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Tempe AZ Real Estate Housing Market Report - August 2022

The average sales price of Tempe homes finally decreased after increasing for eight straight months and reaching an all-time high of $627,613 in July. Tempe average home prices dropped to $590,965 in August.

The average sold price per square foot of Tempe homes decreased for the third straight month, dropping from an all-time high of $330/sf in May to $300/sf in August.

After Tempe days on market reached an all-time low of 20 in May and June, it has now increased two months in a row. Tempe DOM increased to 37 in August. Even with this increase to 37 DOM, homes in Tempe are still selling fast.

Tempe AZ homes for sale | Troy Erickson Realtor

After decreasing last month, Tempe home sales increased in August. Home sales in Tempe have increased from 74 in July to 87 in August. With this increase, Tempe home sales are now -36.0% lower than in August of 2021. This is the third lowest selling month for Tempe home sales in the last four years, with last month being the lowest.

The number of new Tempe listings has increased each month in 2022 through June. After going from 99 in January to 189 in June (almost doubling), new listings in Tempe have decreased two months in a row, going from 149 in July down to 127 in August. New listings in Tempe are now lower than they have been in August of the previous four years, and they are now -19.6% lower than in August of 2021.

The number of active listings increased for the fourth straight month after decreasing for six straight months previously. Active listings have gone from 122 in April to 274 in August. The number of active listings in Tempe are now greater than they were in August of last year by 43.5%.

With home inventory increasing, interest rates and inflation rising, demand is slowing, and home prices are starting to decrease. We are also entering the slower part of the housing season, which will impact sales.

Median home values in Tempe have increased an average of 8.5% since August of 2021. With interest rates averaging around 5.5%, there will be a slowing of home sales, and increasing of inventory as the market shifts and we head into the fall of 2022.

>>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.

Tempe real estate housing report - August 2022

Homes for sale in Tempe, AZ | Troy Erickson Realtor

"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

Tempe real estate | Troy Erickson Realtor | HomeSmart

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Scottsdale AZ Real Estate Housing Market Report - August 2022

9/17/2022

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Scottsdale AZ Real Estate Housing Market Report - August 2022

After Scottsdale's average sales price reached a new all-time high of $1,499,763 in June, the average sales price dropped in July but slightly increased back up to $1,406,126 in August.

At the same time, the average sold price per square foot for Scottsdale homes decreased for the third month in a row and has gone from $483/sf in May to $441/sf in August. The average sold price per square foot in Scottsdale has increased or remained the same in 22 out of the last 26 months.

After dropping down to 29 DOM in May, Scottsdale days on market increased the last three months and is up to 52 DOM in August. The Scottsdale DOM was as high as 76 in January of 2021, so being at 52 DOM now is still low, especially for homes in this price point. Scottsdale home values are slowing, and they are beginning to remain on the market longer.

Scottsdale AZ homes for sale | Troy Erickson Realtor

After decreasing for two months in a row, Scottsdale home sales have increased in Augusts, going from 270 sales last month to 322 this month. This is an extremely low number for August, as the average number of Scottsdale homes sold in August over the last four years is 482. Scottsdale home sales are now -32.8% lower than they were in August of 2021.

The number of new Scottsdale listings decreased for the third time in a row after increasing for five straight months, going from 765 in May to 479 in August. At 583, this is the lowest number of new Scottsdale listings in August over the last four years. New listings this August are lower than in August of 2021 by -19.5%.

The number of active Scottsdale listings has increased for the fourth consecutive month going from 709 in March to 1,388 in August. Active Scottsdale listings are now 37.0% higher than in August of last year. Home inventory of Scottsdale homes has increased in six out of the last seven months as it looks like there is a shift happening in the housing industry to a more balanced market.

Listings are still low overall and continue to drive demand and an upward trend in Scottsdale home prices, although things may be slowing down. Home sales in Scottsdale are still occurring fast, while home inventory is starting to increase.

Median home values in Scottsdale have increased an average of 10.4% since August of 2021, which is still very good. Even with interest rates remaining around 5.5%, there still should be more buyers looking to purchase a Scottsdale home throughout the fall, although things are slowing.

>>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.

Scottsdale real estate housing report - August 2022

Homes for sale in Scottsdale, AZ | Troy Erickson Realtor

"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

Scottsdale real estate | Troy Erickson Realtor | HomeSmart

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Phoenix AZ Real Estate Housing Market Report - August 2022

9/16/2022

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Phoenix AZ Real Estate Housing Market Report - August 2022

The average sales price of Phoenix homes decreased for the third consecutive month, going from $621,346 in May to $559,619 in August. However, the average sales price of Phoenix homes has increased in 14 out of the last 19 months.

After increasing for five straight months the average sold price per square foot of Phoenix homes decreased for the third straight month as well, going from $317/sf in May to $299/sf in August. The Phoenix average sold price per square foot has only decreased 6 times in the last 31 months.

The Phoenix days on market increased for the third straight month after decreasing four straight months. The days on market increased from 24 in May to 38 DOM in August. The DOM to sell a home in Phoenix is still low, considering a balanced market would expect to see an average DOM closer to 90.

Phoenix AZ homes for sale | Troy Erickson Realtor

After Phoenix home sales decreased the last four months, home sales increased in August, going from 969 in July to 1,012 this month. This is typically the time of year where we would see a decrease in home sales as we head into the slower fall housing season, so this is unusual. With this increase in Phoenix homes sold, total home sales for August are down -29.6% from August of 2021.

After increasing for two straight months, new listings in Phoenix have now decreased for two straight months, going from 2,188 in June to 1,599 in August. This is below previous August listings since before 2018. With this recent decrease, the number of new Phoenix listings are now -11.6% lower than in August of last year.

After slightly decreasing in March, the number of active Phoenix listings has now increased the last five months. Active Phoenix listings have now increased in six out of the last seven months, going from an all-time low of 1,636 in January of this year to 3,627 in August (a 122% increase in a little over a half year). The inventory of Phoenix homes is now higher than in August of last year by 63.3%.

The number of listings continue to increase and are catching up with demand, as home sales decrease due to higher prices, higher interest rates, and inflation. With the increase in listings and decrease in home sales, this should slow down the pace, and is a sign that the housing market in Phoenix is shifting to where it is more balanced.

With that said, median home values in Phoenix have increased an average of 9.8% since August of 2021. With interest rates averaging around 5.5%, and inflation rising the demand for homes is slowing as we near fall and head into the slower housing market season.

>>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.

Phoenix real estate housing report - August 2022

Homes for sale in Phoenix, AZ | Troy Erickson Realtor

"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

Phoenix real estate | Troy Erickson Realtor | HomeSmart

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Mesa AZ Real Estate Housing Market Report - August 2022

9/15/2022

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Mesa AZ Real Estate Housing Market Report - August 2022

The average sales price of homes in Mesa increased in August, going from $539,293 in July to $543,780 this month. The average sales price of Mesa homes has now increased in 16 out of the last 21 months.

The average sales price per square foot of Mesa homes has decreased three straight months after remaining the same or increasing for 29 consecutive months. The price per square foot of Mesa homes has decreased from $294/sf in May to $273/sf in August. Even with the decreases in the last three months there has still been an increase of $29/sf since August of 2021.

After decreasing for four consecutive months, the days on market for Mesa has increased three months in a row, going from 21 DOM in May to 34 DOM in August. The days on market is still very low for Mesa, and that means that homes in Mesa, AZ are still in high demand as we head into the fall.

Mesa AZ homes for sale | Troy Erickson Realtor

After seeing two consecutive decreases, home sales in Mesa increased in August, going from 410 in July to 429 this month. Total sales for August are significantly less than they have been in August over the previous four years. Mesa home sales this month are lower than in August of last year by -33.0%.

After increasing for two straight months, the number of new listings in Mesa decreased for the second straight month, going from 882 in June to 713 in August. With this decrease of new listings in Mesa, they are now -3.8% lower than they were in August of last year. The number of homes being listed is decreasing which may be a signal that a shift is happening in the housing market.

The inventory of homes is catching up with demand, and that signifies that home price increases will begin to slow. After decreasing for five straight months, the number of active listings in Mesa has increased for five straight months, going from 693 in March to 1,548 in August (a 123% increase in five months).

Active listings in Mesa have been trending higher the last five months, and the number of active listings is now 89.5% higher than they were in August of 2021.

The Mesa housing inventory has gone from very low to higher than it has been since before 2018 in a short 5 months. Demand is still there but increases in home prices are slowing the market. Median home values in Mesa have increased an average of 10.5% since August of 2021. With inflation rising and interest rates hovering around 5.5%, there still should be more buyers looking to purchase a home in Mesa this fall, but it is slowing down.

>>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.

Mesa real estate housing report - August 2022

Homes for sale in Mesa, AZ | Troy Erickson Realtor

"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

Mesa real estate | Troy Erickson Realtor | HomeSmart

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Gilbert AZ Real Estate Housing Market Report - August 2022

9/14/2022

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Gilbert AZ Real Estate Housing Market Report - August 2022

The average sales price of Gilbert homes has decreased for the third straight month after increasing for four months in a row, going from $712,625 in July to $689,651 for August. Average sales prices in Gilbert have increased in 21 out of the last 28 months, but I think that may not be the case moving forward.

After increasing for five straight months, the average sold price per square foot of Gilbert homes has decreased for the second straight month, going from $310/sf in June to $293/sf in August. Even though it decreased, the average sold price per square foot in Gilbert has increased in 22 of the last 26 months, but again it seems like the market is changing.

After decreasing for 3 straight months, Gilbert days on market has increased three months in a row, going from 20 DOM in May to 38 DOM in August. The Gilbert DOM is still low, which means that homes in Gilbert Arizona are still selling fast.

Gilbert AZ homes for sale | Troy Erickson Realtor

After increasing in June, home sales in Gilbert have now seen a decrease for two straight months, going from 368 in June to 247 in August. With this decrease, Gilbert home sales are now -36.2% lower than in August of 2021. This is the time of year when home sales typically start to decrease as we head into the slower fall season. August home sales in Gilbert are significantly lower than they were in August of the last three years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert has now decreased the last two months after increasing for four straight months, going from 622 in June to 461 in August. With this decrease it is the lowest number of Gilbert listings in August over the last 3 years. The number of new Gilbert listings in August is now -11.0% lower than the number of new listings in August of last year.

Home inventory in Gilbert seems to be catching up with demand, and that will help home prices slow down their rapid climb over the last two years. The number of active listings sits at 1,035 for August, which is the fifth consecutive monthly increase. Active listings are now 96.8% higher than in August of last year, and higher than they have been since April of 2019.

The lack of listings continues to drive demand and home prices higher, but that seems to be changing. Median home values in Gilbert have increased an average of 11.2% since August of 2021. Mortgage interest rates are now hovering around 5.5%, but are still historically low, however, the market is slowing, and we are heading into the fall which always signifies a slowdown in the housing market in Arizona.

>>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 - August 2022

Homes for sale in Gilbert, AZ | Troy Erickson Realtor

"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

Gilbert real estate | Troy Erickson Realtor | HomeSmart

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Chandler AZ Real Estate Housing Market Report - August 2022

9/10/2022

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Chandler AZ Real Estate Housing Market Report - August 2022

The average sales price of Chandler homes has now decreased for the third straight month. After increasing to an all-time high of $704,532 in May, the average sales price of Chandler homes has decreased to $627,671 in August.

After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has also decreased for the third straight month. The average sales price has dropped from $315/sf in May to $295/sf in August. This is still a $32/sf increase from the $263/sf in August of 2021.

The days on market has now also increased for the third straight month, going from 20 DOM in May to 37 DOM for August. The DOM had remained at or below 31 since February of 2021. Homes in Chandler are still selling fast, but they have certainly slowed down as we enter the slower housing season in the fall.

Chandler AZ homes for sale | Troy Erickson Realtor

After decreasing for four straight months, Chandler home sales increased in August, going from 199 in July to 215 this month. The number of Chandler home sales is lower than in August of last year by -38.9%. As we enter the fall season, home sales in Chandler are usually increasing this time of year, so this is no surprise.

After increasing slightly last month, the number of new listings in Chandler decreased, going from 421 last month to 340 in August. With this decrease new listings are now down -18.7% from August of last year. After seeing a shortage of homes for sale over the last two and a half years, the demand is slowing down.

After decreasing for three straight months, the number of active Chandler listings have now increased for the seventh straight month, going from 313 in January to 763 in August. This is the fifth month in a row that active listings have been higher than last year. Active listings in Chandler are now greater than last year's August listings by a whopping 74.6%. The last six months have seen a rise in the number of listings in Chandler, which is also a sign that the housing market is slowing down. Active listings are now higher than they were prior to the Covid-19 pandemic in August of 2019.

Listings are catching up to demand in Chandler, as sales decrease and inventory is increasing. This is also slowing down home price increases. Median home values in Chandler have still increased an average of 9.0% since August of 2021, but just a few months ago we were seeing increases year-over-year of 25.0% or higher. Mortgage interest rates have recently decreased to around 5.5%, while the war between Russia and the Ukraine has caused inflation to really jump in the U.S. It looks like we are approaching a more balanced housing market in Chandler that should remain throughout the rest of 2022.

>>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.