Phoenix AZ Real Estate Housing Market Report - October 2022
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.
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.
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.
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.