Ahwatukee AZ Real Estate Housing Market Report - October 2022

11/22/2022

Ahwatukee AZ Real Estate Housing Market Report - October 2022

After reaching an all-time high of $701,303 in May, the average sales price of homes in Ahwatukee has fluctuated up and down, from a low of $599,709 in September to $662,107 for October.

After increasing for the first six months of this year, the price per square foot of Ahwatukee homes has also fluctuated up and down, increasing again in September to $290/sf, and then dropping back down to $288/sf in October. Despite this decrease the average sold price per square foot of Ahwatukee homes has increased 16 times out of the last 21 months.

The Ahwatukee days on market has increased three months in a row, going from 28 DOM in July to 55 DOM in October. Although it has increased from the all-time low of 22 DOM in August of 2021, 55 DOM is still a lower number. There should still be a demand for homes in Ahwatukee as we head into the winter months, which is the slower season for the Arizona housing market.

Ahwatukee AZ homes for sale | Troy Erickson Realtor

After increasing last month, Ahwatukee home sales decreased in October, going from 79 in September to 62 this month. Home sales usually start to decline this time of year. With this decrease, Ahwatukee home sales are now down -53.0% from October of 2021.

After also increasing last month, the number of new listings in Ahwatukee decreased in October, going from 116 new listings in September to 86 this month. The number of new Ahwatukee listings are now -40.7% lower than they were in October of 2021. This is the lowest number of new listings this year, and for the month of October since before 2018.

After increasing for seven straight months, active listings in Ahwatukee have decreased in October, going from 299 in September to 277 in October. With this decrease, the number of active Ahwatukee listings is 54.7% higher than in October of 2021. Ahwatukee monthly listings in October are greater than October in previous years going all the way back to 2018.

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 eight 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 13.0% since October of 2021. Even with interest rates rising above 7.0%, the demand from buyers looking to purchase homes in Ahwatukee should remain higher than usual as we head into the winter, 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 - October 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 | [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 - October 2022

11/20/2022

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Tempe AZ Real Estate Housing Market Report - October 2022

The average sales price of Tempe homes has decreased for the third straight month after increasing for eight months in a row and reaching an all-time high of $627,613 in July. Tempe average home prices dropped to $551,037 in October.

The average sold price per square foot of Tempe homes increased for the second straight month after decreasing for three straight months, increasing from $301/sf in September to $304/sf in October.

After Tempe days on market reached an all-time low of 20 in May and June, it has now increased four months in a row. Tempe DOM increased to 48 in October. Even with this increase to 48 DOM, homes in Tempe are still selling fast, but sales should slow down as the fall and winter are traditionally slower times for the Arizona housing market.

Tempe AZ homes for sale | Troy Erickson Realtor

After increasing in August, Tempe home sales has decreased the last two months. Home sales in Tempe decreased from 88 in August to 75 in October. With this decrease, Tempe home sales are now -47.9% lower than in October of 2021. This is the second lowest selling month for Tempe home sales in the last four years, with July of this year being the lowest.

The number of new Tempe listings had increased each month in 2022 through June, going from 99 in January to 189 in June (almost doubling). Since then, new listings in Tempe decreased three months in a row, going from 189 in June down to 91 in September, with October remaining the same as last month at 91. New listings in Tempe are now lower than they have been in October of the previous four years, and they are now -34.5% lower than in October of 2021.

After increasing for five straight months, the number of active listings decreased in October. Active listings have gone from 288 in September to 250 in October. The number of active listings in Tempe are now greater than they were in October of last year by 10.6%.

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 just 3.1% since October of 2021. With interest rates reaching above 7.0%, there will be a slowing of home sales and increasing of inventory as the market shifts and we head into the winter 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 - October 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 | [email protected]

Tempe real estate | Troy Erickson Realtor | HomeSmart

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Scottsdale AZ Real Estate Housing Market Report - October 2022

11/19/2022

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Scottsdale AZ Real Estate Housing Market Report - October 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, slightly increased in August, dropped way down to in September and increased back up to $1,318,015 in October.

After decreasing for four straight months, the average sold price per square foot in Scottsdale has increased and has gone from $435/sf in September to $440/sf in October. The average sold price per square foot in Scottsdale has now increased or remained the same in 23 out of the last 28 months.

After decreasing from 52 to 51 DOM in September, Scottsdale days on market increased in October to 59 DOM. The Scottsdale DOM was as high as 76 in January of 2021, so being at 59 DOM is still low, especially for homes in this price point. Increases in Scottsdale home values are slowing, and homes are beginning to remain on the market longer, but it is still slightly a sellers' market.

Scottsdale AZ homes for sale | Troy Erickson Realtor

After increasing in August, Scottsdale home sales have decreased the last two months in a row. Scottsdale home sales has gone from 322 in August to 278 in October. This is an extremely low number for October, as the average number of Scottsdale homes sold in October over the last three years is 489. Scottsdale home sales are -36.2% lower than they were in October of 2021.

After increasing last month, the number of new Scottsdale listings decreased in October, going from 575 in September to 436 in October. This is now lower than the number of new Scottsdale listings in October over the last four years. New listings this October are lower than in October of 2021 by -11.6%.

The number of active Scottsdale listings has increased for the seventh consecutive month going from 710 in March to 1,440 in October. However, new listings have only increased by a total of 52 in the last three months, so they have barely been increasing lately. Active Scottsdale listings are now 45.2% higher than in October of last year. 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, however, Scottsdale home prices have begun to drop as things are slowing down from the frenzy over the last 2 years. Home sales in Scottsdale are still occurring fast while home inventory is slightly increasing.

Median home values in Scottsdale have increased an average of 11.1% since October of 2021, which is still very good. With interest rates rising to around 7.0%, the number of buyers looking to purchase Scottsdale homes should be around the same number of sellers as we head into the winter, 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 - October 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 | [email protected]

Scottsdale real estate | Troy Erickson Realtor | HomeSmart

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Phoenix AZ Real Estate Housing Market Report - October 2022

11/18/2022

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Phoenix AZ Real Estate Housing Market Report - October 2022

After decreasing last month, the average sales price of Phoenix homes slightly increased in October, going from $549,370 in September to $555,218 this month. The average sales price of Phoenix homes has averaged around $555,000 the last four months, which is significantly lower than the all-time high of $621,488 that occurred this last May.

After decreasing for four straight months the average sold price per square foot of Phoenix homes did not change from last month, remaining at $289/sf in October.

The Phoenix days on market increased for the fifth straight month after decreasing four straight months. The days on market has doubled from 24 DOM in May to 53 DOM in October. 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

Phoenix home sales have decreased two months in a row, going from 1,010 in August to 866 this October. 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. With this recent decrease in Phoenix homes sold, total home sales for October are down -42.3% from October of 2021.

After increasing for two straight months, new listings in Phoenix have now decreased for four straight months, going from 2,188 in June to 1,023 in October. This is less than any previous years October listings since before 2018 by almost 500 homes. With this recent decrease, the number of new Phoenix listings are now -29.3% lower than in October of last year.

After increasing for the last six months, the number of active Phoenix listings has decreased in October. With this decrease, active Phoenix listings have still increased in seven out of the last nine months, going from an all-time low of 1,637 in January of this year to 3,604 in October (more than doubling in a little over a half year). The inventory of Phoenix homes is now higher than in October of last year by 51.8%.

The number of listings 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 price increases we have seen over the last two years 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 5.7% since October of 2021. With interest rates hovering around 7.0%, and inflation rising, the demand for homes is slowing as we enter the winter 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 - October 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 | [email protected]

Phoenix real estate | Troy Erickson Realtor | HomeSmart

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Mesa AZ Real Estate Housing Market Report - October 2022

11/17/2022

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Mesa AZ Real Estate Housing Market Report - October 2022

After decreasing last month, the average sales price of homes in Mesa increased in October, going from $538,169 in September to $549,590 this month. The average sales price of Mesa homes has decreased in four out of the last eight months and has been maintaining a price around $540,000 the last four months.

The average sales price per square foot of Mesa homes has decreased five 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 $265/sf in October. Even with the decreases in the last five months there has still been an increase of $14/sf since October of 2021.

After decreasing for four consecutive months, the days on market for Mesa has also increased five months in a row, going from 21 DOM in May to 48 DOM in October (more than doubling). The days on market is still fairly low for Mesa, and that means that homes in Mesa, AZ are still in high demand as we head into the winter.

Mesa AZ homes for sale | Troy Erickson Realtor

After seeing two consecutive increases, home sales in Mesa decreased in October, going from 443 in September to 391 this month. Total sales for October are significantly less than they have been in October over the previous four years. Mesa home sales this month are lower than in October of last year by -39.7%.

After increasing for two straight months, the number of new listings in Mesa have now decreased for four straight months, going from 882 in June to 546 in October. With this decrease of new listings in Mesa, they are now -29.4% lower than they were in October of last year. The number of homes being listed tends to trend lower this time of year, so this is not out of the ordinary.

The inventory of homes has caught 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 seven straight months, going from 695 in March to 1,631 in October (a 135% increase in seven months). This is the highest inventory of Mesa homes for sale over the last four years.

Active listings in Mesa have been trending higher the last five months, and the number of active listings is now 93.8% higher than they were in October of 2021.

The Mesa housing inventory has gone from very low to higher than it has been since before 2018 in a short five months and continues to increase. Demand has slowed, as have the home prices, partially due to inflation and the impact of the COVID pandemic. Median home values in Mesa have increased an average of 9.5% since October of 2021. With interest rates moving to around 7.0%, the demand for purchase a home in Mesa is slowing as we head into the winter months.

>>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 - October 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 | [email protected]

Mesa real estate | Troy Erickson Realtor | HomeSmart

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Gilbert AZ Real Estate Housing Market Report - October 2022

11/16/2022

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Gilbert AZ Real Estate Housing Market Report - October 2022

The average sales price of Gilbert homes has decreased for the fifth straight month after increasing for four months in a row, going from $719,659 in May to $642,048 for October. I think that the days of home price increases each month are over for a while.

After decreasing for three straight months, the average sold price per square foot of Gilbert homes has increased in October, going from $281/sf in September to $282/sf in October. This is certainly not a significant increase, and the trend over the last four months is still downward, as the Gilbert housing market seems to be slowing.

After decreasing for 3 straight months, Gilbert days on market has now increased five months in a row, going from 20 DOM in May to 53 DOM in October. The Gilbert DOM has more than doubled in a few months, which means that homes in Gilbert Arizona are still selling, but not quite at the frenzied pace they were earlier in the year, and throughout 2021.

Gilbert AZ homes for sale | Troy Erickson Realtor

After increasing last month, Gilbert home sales saw a decrease in October, going from 297 in September to 219 this month. With this decrease, Gilbert home sales are -39.7% lower than in October of 2021. This is the time of year when home sales typically start to decrease as we head into the slower fall season, so this decrease is somewhat expected. However, October home sales in Gilbert are significantly lower than they were in October of the last four years, including when we were going through the Covid-19 pandemic.

The number of new listings in Gilbert has now decreased the last four months after increasing for four straight months, going from 622 in June to 320 in October. With this decrease it is the lowest number of Gilbert listings in October over the last 4 years. The number of new Gilbert listings in October is now -29.4% lower than the number of new listings in October of last year.

Home inventory in Gilbert seems to be catching up with demand, and that has helped home prices slow down their rapid climb over the last two years. The number of active listings sits at 1,027 for October, which is a slight decrease from September (1,042). Active listings are now exactly 93.8% higher than in October of last year.

Gilbert listings have caught up with demand and the rapid increase in home prices has slowed. Median home values in Gilbert have increased an average of 4.2% since October of 2021 as mortgage interest rates continue to increase over 7.0%. The Gilbert housing market is slowing as we head into the winter, 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 - October 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 | [email protected]

Gilbert real estate | Troy Erickson Realtor | HomeSmart

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Chandler AZ Real Estate Housing Market Report - October 2022

11/15/2022

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Chandler AZ Real Estate Housing Market Report - October 2022

After increasing last month, the average sales price of Chandler homes has decreased from $663,563 in September to $602,128 in October. This is another sign that the market is slowing in Chandler as we head into the winter months.

After increasing or remaining the same for 24 consecutive months, the average sales price per square foot of Chandler homes has now decreased for the fifth straight month. The average sales price has dropped from $315/sf in May to $279/sf in October. This is a $10/sf increase from the $268/sf in October of 2021.

The days on market has now also increased for the fifth straight month, going from 20 DOM in May to 55 DOM for October, almost tripling in five months. Homes in Chandler are still selling, but they have certainly slowed down as we enter into the slower housing season.

Chandler AZ homes for sale | Troy Erickson Realtor

After increasing for two straight months, Chandler home sales have decreased in October, going from 239 in September down to 200 this month. The number of Chandler home sales is lower than in October of last year by -44.3%. As we enter the winter season, home sales in Chandler typically tend to decrease, but with higher home prices and interest rates, and more homes on the market, homes sales this October are almost half of what they were last October, and significantly less than they have been over the last four years.

After increasing slightly in July, the number of new listings in Chandler has now decreased three months in a row, going from 421 in July to 238 in October. With this decrease new listings are now down -40.9% from October of last year. After seeing a shortage of homes for sale over the last two and a half years, the demand is slowing down and fewer homeowners are putting their homes on the market.

After increasing for eight straight months, going from 313 in January to 768 in September, active listings in Chandler decreased down to 747 in October. This is the seventh month in a row that active listings have been higher than the same month last year. Active listings in Chandler are now greater than last year's October listings by 55.9%. The overall rise in the number of listings in Chandler is a sign that the housing market is slowing down. Active listings are now higher than they have been since June 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 only increased an average of 3.9% since October 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 increased to over 7.0%, while the COVID pandemic and 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.